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The Straits Trading Co swings into the black in Q2 FY16
THE Straits Trading Company pulled itself out of the red with a net profit of S$5.79 million for the second quarter ended June 30, versus a net loss of S$1.14 million a year ago.
The bottom line was strengthened by higher revenue, fair value changes in financial assets and lower costs of tin mining and smelting.
Total revenue was 7.8 per cent higher at S$139.5 million on the back of stronger contributions from its tin mining and smelting as well as property businesses.
Earnings per share came to 1.6 Singapore cents, quadrupling from 0.4 cents in Q2 FY15.
For the half-year period, net profit was S$33.2 million, up from S$780,000 a year ago. Total revenue edged up 1.8 per cent to S$280.04 million.
"The group will continue to nurture and invest in its various growth platforms to create long-term value for shareholders," Straits Trading said.