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Straits Trading Q1 net profit slips 2.7%

THE Straits Trading Company's earnings for the first quarter slipped 2.7 per cent as all business segments except real estate recorded a fall in net profit.

First-quarter net profit for the group fell to S$21.9 million, from S$22.6 million a year ago. This translates to earnings per share of 5.4 cents, down from 5.5 cents in the same period last year.

Revenue for the quarter slipped 4.7 per cent year on year to S$130 million.

Straits Real Estate Pte Ltd, the real estate investment vehicle of which it owns 89.5 per cent, now has a geographically diverse portfolio of investments across China, Malaysia, Australia and Japan spanning different real estate asset classes. Straits Trading said the vehicle will continue to seek out new and attractive investment opportunities in the Asia-Pacific.

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Meanwhile, Malaysia Smelting Corporation Berhad, of which it owns 54.8 per cent, continues to face challenging market conditions as the foreign exchange, global commodity and metal prices are still volatile.

The counter closed unchanged at S$2.31 on Monday before the results announcement.