SINGAPORE (Aug 14): The Straits Trading Company posts earnings of $30.4 million for the 1H ended June, up 4.4% from $29.2 million a year ago.
This was mainly due to higher share of results of associates and joint ventures, which nearly quadrupled to $25.6 million, from $6.5 million a year ago.
The increase was largely due to the absence of additional provision for prior year taxes from a joint venture of Malaysia Smelting Corporation Berhad.
Total revenue for 1H17 fell 16.1% to $235.0 million, from $280.0 million a year ago.
Revenue from its tin mining and smelting business fell 16.0% to $228.4 million due to lower sales volume of tin metal due to lower production.
Revenue from its property business fell 16.8% to $6.6 million, mainly due to the absence of rental income from an office building in Australia after completion of its sale in Nov 2016.
As at end June, cash and cash equivalents stood at $356.1 million.
“We are encouraged with the continued improvement in our earnings,” says Straits Trading executive chairman Chew Gek Khim.
“We will continue to tap into our unique network to generate stable and sustainable earnings for our stakeholders,” she adds.
Shares of Straits Trading closed 4 cents lower at $2.45 on Monday.
