Reader Andy contacted me about Metro Holdings. He calculated that Metro is trading at a significant discount to NAV. Second point mentioned is that Metro has almost no debt with long dividend record. Sounds attractive, isn't it? But Andy is concerned about one thing - Metro's cash holdings have been depleting due to dividends paid out. Metro announced half year results on 11 November 2014. Q2FY15 earnings were $61M or 7.4 cents per share. That's double of Q2FY14 earnings! And that's also almost double of Q2FY15's revenues! Hmm...so if we look deeper into the income statement, we would see that the main contributor to the bottom line is the share of associates' results of $64M. Where did that come from and is that sustainable? It is not common to see associates contributing more to the bottom line than the mother ship. Indeed, the $64M is due to negative ......