Straits Trading Q1 profit falls 59%

The Straits Trading Company's net profit for the first quarter ended March 2015 fell 59 per cent to S$2.4 million from S$5.9 million a year ago dragged down by resources segment due to lower tin prices.

For the same reason, revenue fell 14.5 per cent to S$145.6 million from S$170.3 million a year ago.

Average tin price for the period slipped 19 per cent to US$18,400 per tonne versus US$22,600 per tonne in the previous corresponding period.

Property revenue was lower as there was no rental revenue from Straits Trading Building after completion of the sale in December 2014.

Earnings per share stood at 0.6 Singapore cents from 1.6 Singapore cents. No dividend was recommended.