Straits Trading’s H2 loss narrows to S$12.5 million from S$43.5 million
This comes on the back of an improvement in revenue and the net fair value of investment properties
THE Straits Trading Company narrowed its loss to S$12.5 million for the second half of financial year 2024 ended December from S$43.5 million in the corresponding period in the previous year, as revenue rose and the net fair value of investment properties improved.
The net fair value changes in investment properties stood at S$7.7 million in the recent H2 against a negative S$35.1 million in the same period in the previous year.
Its revenue increased by 22 per cent year on year to S$312.1 million, showed its financial results filed on Friday (Feb 28).
The Straits Trading Company is a conglomerate-investment company, with operations and financial interests in resources, property and hospitality.
The resources segment clocked better performance mainly due to higher average tin prices and sales quantity of refined tin.
The hospitality segment also showed improvement, driven mainly by the reversal of the previous year’s impairment cost.
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The real estate business became profitable, on the back of higher net fair value gain from investment properties in Australia and the United Kingdom.
Loss per share stood at S$0.028, compared with the S$0.097 for the corresponding period in the prior year.
The board of directors has proposed an interim dividend of S$0.08 per share payable on Jun 30, with the quantum unchanged from FY2023’s and the option of payment in scrip available.
For the full year, loss contracted to S$7.2 million from FY2023’s S$28.6 million, while revenue was 14.8 per cent higher at S$564.6 million. The improved performance was primarily due to net fair value gain from investment properties.
The Straits Trading Company shares were trading flat at S$1.45 when market closed on Friday, before the financial results were published.
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