Financial Statements and Related Announcements::First Quarter Results

Financial Statements and Related Announcement::First Quarter Results

Page 1 of 1

Financial Statements and Related Announcement::First Quarter Results Issuer & Securities

Issuer/ Manager

METRO HOLDINGS LTD

Securities METRO HOLDINGS LIMITED - SG1I11878499 - M01

Stapled Security No

Announcement Details

Announcement Title

Financial Statements and Related Announcement

Date & Time of Broadcast 11-Aug-2017 17:15:40

Status New

Announcement Sub Title First Quarter Results

Announcement Reference SG170811OTHRGR65

Submitted By (Co./ Ind. Name) Tan Ching Chek

Designation Company Secretary

Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

Please refer to the following 2 attached files:

1. Unaudited Results for the first quarter ended 30 June 2017 ; and

2. Press Release

Additional Details

For Financial Period Ended

30/06/2017

Attachments

Metro - Q1FY18.pdf

Metro - NR.pdf

Total size =344K

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=AnnouncementToday&F=FAO3XKI2IIH7EEP2&...

11-Aug-17

METRO HOLDINGS LIMITED

The Board of Directors of Metro Holdings Limited is pleased to announce the following:- UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 30 JUNE 2017

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2

& Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a) (i) An income statement and statement of comprehensive income, or a statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year

Group

1st Qtr ended 30-Jun-2017 $'000	1st Qtr ended 30-Jun-2016 $'000	% Change
Revenue	32,424	31,888	1.68
Cost of revenue	(31,328)	(30,370)	3.15
Gross profit	1,096	1,518	(27.80)
Other income, including interest income	7,706	4,634	66.29
Changes in fair value of short term investments	1,858	514	261.48
General and administrative expenses	(6,010)	(6,872)	(12.54)
Interest on borrowings	(366)	-	n.m.
Share of associates' results, net of tax	13,598	4,803	183.11
Share of joint ventures' results, net of tax	8,084	6,489	24.58
Profit from operations before taxation	25,966	11,086	134.22
Taxation	(538)	(1,328)	(59.49)
Profit net of taxation	25,428	9,758	160.59
Attributable to: Owners of the Company	25,376	9,742	160.48
Non-controlling interests	52	16	225.00
25,428	9,758	160.59
n.m. - not meaningful

Statement of Comprehensive Income

Group

1st Qtr 1st Qtr

ended ended % 30-Jun-2017 30-Jun-2016 Change

$'000 $'000

Profit net of taxation 25,428 9,758 160.59

Other comprehensive income/(expense):

Items that may be reclassified subsequently to profit or loss:

Currency translation adjustments on foreign

subsidiaries, associates and joint ventures (4,992) (17,421) (71.34) Available-for-sale financial assets

net fair value changes net fair value changes reclassified to profit or loss	4,965 (423)	(1,022) -	n.m. n.m.
Share of other comprehensive income of associates and joint ventures	669	942	(28.98)
Other comprehensive income/(expense), net of tax	219	(17,501)	n.m.
Total comprehensive income/(expense) for the period	25,647	(7,743)	n.m.
Total comprehensive income/(expense) attributable to: Owners of the Company	25,333	(7,698)	n.m.

Non-controlling interests 314 (45) n.m.

25,647 (7,743) n.m.

n.m. - not meaningful

Note:

Currency translation adjustments on foreign subsidiaries, associates and joint ventures are mainly a result of the Group's exposure to the effects of fluctuations in foreign currency exchange rates in relation to Chinese Renminbi as the Group's investment properties and development projects are situated in the People's Republic of China. There is also a small exposure to British pounds in respect of the projects in the United Kingdom. Whenever possible, the Group seeks to maintain a natural hedge through the matching of liabilities, including borrowings, against assets in the same currency. Share of other comprehensive income/(expense) of associates and joint ventures mainly relate to similar currency translation adjustments.

Changes in fair value of available-for-sale financial assets mainly relate to fluctuations in the fair value of the Group's investments classified under Investments (Non-current assets).

1(a) (ii) Revenue

Revenue of the Group comprises sales of goods and services and net commission from concessionaires.

Revenue of the Group reported on a gross transaction basis, which includes the value of the overall activity of the Group based on the gross value achieved by the concessionaire on the sale, is presented as follows:-

Group

1st Qtr 1st Qtr

ended ended % 30-Jun-2017 30-Jun-2016 Change

$'000 $'000

Retail 48,450 47,828 1.30

Property 1,609 1,661 (3.13)

50,059 49,489 1.15

1(a) (iii) Profit from operations before taxation is arrived at after accounting for:-

Cost of revenue and general and administrative expenses includes:-

Group

1st Qtr 1st Qtr

ended ended % 30-Jun-2017 30-Jun-2016 Change

$'000 $'000

Depreciation of plant and equipment (477) (494) (3.44)

Inventories recognised as an expense (19,470) (18,433) 5.63

Allowance for obsolete inventories (9) (10) (10.00)

Inventories written down (295) (286) 3.15

Rental expense (5,839) (5,853) (0.24)

Foreign exchange loss (704) (2,723) (74.15)

Foreign exchange gain realised on

liquidation of an associate - 1,248 n.m.

Other income, including interest income includes:-

Interest income	3,326	2,385	39.45
Dividends from quoted investments	1,625	1,294	25.58
Gain on disposal of short term investments	84	64	31.25
Gain on disposal of an investment property	809	* -	n.m.
Distribution from available-for-sale investments	1,326	-	n.m.
Management fee income from associates	249	222	12.16
Foreign exchange gain	1	2	(50.00)

n.m. - not meaningful

* The gain on disposal of an investment property relates to the gain arising on the sale of Lakeville Regency, Shanghai, being gross proceeds over and above the valuation as at 31 March 2017.