Metro Hldgs reported 4Q10 net profit of S$56m (+47% yoy) largely due to a S$22.3m gain from fair value adjustments on investment properties. If we exclude these non-recurring items, earnings would hv been S$13.5m (-25% yoy). 4Q revenue rose 15.1% YoY to S$39.9m as retail division reported higher sales with the opening of its Metro City Square dept store in S’pore. As of end-mar-2010, the group has cash of S$174.1m (about 35% of mkt cap).
The mgtm has proposed a final div of 2cts and special div of 1cts, with yield of almost 4%.
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