Non-retail business dents Metro Holdings
Despite a rugged first half, property development and investment group Metro Holdings has still managed positive results and has formed strategic partnerships in Indonesia.
It had a net profit after tax of S$4.6 million (US$3.3 million) despite a net loss after tax of $13.6 million as the result of events not related to its retail developments.
Meanwhile, it is moving ahead with a IDR1.99 trillion (US$147.2 million) mixed project in Bekasi, Jakarta. For the retail component it is partnering with Trans Corp, while Lee Kim Tah Group will handle the residential side.
Trans Corp will develop its trademark Transmart mall with a gross floor area of about 30,485sqm, including department stores, supermarkets and cinemas, as well as a theme park in conjunction with Kidcity and Snow Town.
Metro chairman Winston Choo says the group has worked with Trans Corp since it took an initial stake in Metro Indonesia in 2008 to run Metro’s retail department store business.
Metro’s retail arm runs three Metro department stores in Singapore and another nine in Indonesia.