Metro Holdings Ltd booked a loss after tax of S$203.1 million for the year ended 31 March 2026, trimming the S$224.7 million deficit recorded a year earlier, as sizeable non-cash fair-value and impairment charges on its China real-estate interests continued to weigh on earnings. Group revenue slipped 6.5% year-on-year (YoY) to S$97.7 million.

The board proposed a final dividend of 2.0 Singapore cents per ordinary share. No payment timetable was disclosed.

Property revenue fell 32.5% YoY to S$5.4 million due to slower sales of residential units in Bekasi and Bintaro, Indonesia. Excluding fair-value movements, finance costs and associates or joint-venture contributions, the property segment posted a pre-tax loss of S$14.1 million, widening from S$1.2 million a year earlier. The retail division, which runs two Singapore department stores, saw sales decline 4.4% YoY to S$92.3 million and recorded an after-tax loss of S$11.4 million, versus a S$6.9 million loss previously.

Headline results were dragged down by: • S$88.2 million fair-value loss (net of tax) on China properties held via associates and JVs. • S$65.0 million share of loss from 20.5%-owned Top Spring, reflecting additional fair-value and operating impairments. • S$30.2 million impairment on amounts due from associates, mainly China co-investments with BentallGreenOak. • S$10.7 million fair-value loss on the Mapletree Global Student Accommodation investment.

These were partly offset by S$16.2 million of contributions from projects in Singapore, the UK and Australia.

Metro continued capital recycling during the year. It sold its 26% stake in Boustead Industrial Fund for net proceeds of S$116.0 million, completed the disposal of 93% of the strata space at VisionCrest Orchard, and, with partner Sim Lian, exited Dalyellup Shopping Centre in Western Australia for about A$35.8 million. In London, refurbishment of the 5 Chancery Lane office asset reached its topping-out milestone, with completion targeted for end-2026.

Chairman Tan Soo Khoon said the group is concentrating on balance-sheet discipline and portfolio diversification amid “ongoing geopolitical tensions, economic uncertainty and elevated policy unpredictability.” Group CEO Yip Hoong Mun noted that most of the FY2026 loss stemmed from non-cash valuation and impairment charges; he added that the core investment properties in China, Singapore, the UK and Australia “have remained resilient,” and management will focus on proactive asset management and cash preservation.

Looking ahead, Metro expects persistent headwinds from China’s property downturn, higher-for-longer global interest rates and cautious retail spending in Singapore. Management intends to defer uncommitted capex, maintain ample liquidity—cash and short-term investments stood at S$435.9 million with net gearing of 0.16 times—and seek opportunities in resilient sectors and geographies to enhance shareholder value.