Metro Holdings Ltd reported a loss before tax of S$12.9 million for the six months ended 30 September 2025 (1HFY2026), reversing the S$7.0 million profit before tax recorded a year earlier, as lower interest income and bigger associate losses offset reduced finance costs.
Group revenue fell 13.9% year-on-year (YoY) to S$41.6 million from S$48.4 million, dragged down by softer retail sales and reduced rental income from GIE Tower in Guangzhou. The company did not declare any interim dividend.
Performance by segment showed the property division generating a pre-tax profit of S$5.5 million, down from S$18.4 million in 1HFY2025, mainly because other net income shrank by S$11.9 million following a S$13.7 million drop in interest income. The retail division widened its segment loss to S$3.7 million from S$1.4 million amid lower sales at Metro Paragon and Metro Causeway Point and margin pressure from higher input costs. Share of associates swung to a larger loss of S$11.0 million, while profit from joint ventures slipped 28% to S$8.9 million after higher fair-value losses on China investment properties.
Key headwinds included a S$13.7 million plunge in interest income, a S$4.6 million increase in associates’ losses and a S$3.5 million decline in joint-venture contributions, reflecting valuation weakness in China’s property market. These setbacks were partly offset by a S$3.3 million reduction in finance costs to S$12.6 million, attributable to lower average bank-borrowing rates and balances.
During the half, Metro sold about 29% of the strata area at its 20%-owned VisionCrest Orchard office property in Singapore and, with joint-venture partner Sim Lian, exited Dalyellup Shopping Centre in Western Australia for A$35.8 million. Proceeds will support portfolio rebalancing toward Australia’s eastern seaboard, complementing the October 2024 purchase of 1 Castlereagh Street in Sydney. As at 30 September 2025, the Metro-Sim Lian Australian portfolio comprised five office assets and 12 retail centres valued at about A$1.4 billion with 93.9% occupancy.
Chairman Tan Soo Khoon said the group’s results reflected persistent global uncertainty, China’s prolonged property downturn and a challenging Singapore retail landscape. He indicated that Metro will prioritise financial resilience, diversify across geographies and asset classes, and continue active portfolio management to optimise returns. Group CEO Yip Hoong Mun added that disciplined capital allocation, selective asset enhancement and cost controls remain central to sustaining liquidity and enhancing shareholder value amid volatile markets.
Metro closed the half with net assets of S$1.1 billion and total assets of S$2.0 billion. Management cautioned that ongoing geopolitical tensions, potential tariff escalations and property-market pressures—particularly in China—could weigh on performance, but reaffirmed commitment to maintaining a strong balance sheet and pursuing growth opportunities in resilient sectors and markets.