The Straits Trading Company on Monday (Aug 14) posted a 97.8 per cent fall in net profit to S$14.9 million in the half year ended June 2023, from S$673 million a year ago.

This came after a notable fall in contributions from “other income”.

Contribution from other income plunged 97.1 per cent to S$19.2 million from S$655.2 million in H1 2022. Straits Trading Company said this was mainly due to an absence of gain on disposal of ARA Asset Management in H1 last year.

The group’s total revenue also fell 12.7 per cent to S$235.8 million, from S$270.2 million a year ago. Gains in its property revenue were offset by a decline in tin mining and smelting revenue.

Earnings per share slid 97.9 per cent to 3.3 Singapore cents, from 155.5 cents a year ago.

The group did not declare a dividend for the first half of the financial year.

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Shares of Straits Trading Company closed 1.5 per cent or S$0.03 lower at S$2.04 on Monday.