THE Straits Trading Company reported a surge in net profit for Q1 FY2016 to S$22.56 million, up from S$2.44 million a year ago, thanks in part to lower expenses and higher share of results of associates and joint ventures.
Higher dividend income, higher interest income and fair-value changes in financial assets also bolstered the bottom line.
Revenue for the quarter slipped 3.5 per cent year on year to S$140.53 million while earnings per share came to 5.5 Singapore cents, up from 0.6 cent a year ago.
Chew Gek Khim, executive chairman of the company, said: "This significant progress attests to the success of the various transformative initiatives that were implemented in our businesses over the years. We will continue to build upon our platforms to create sustainable value for shareholders."