Straits Trading's revenue grew 28% on strong tin mining and smelting growth

Straits Trading Co’s revenue rose by 28.4% y-o-y to $396.5 million, supported by largely by rising revenues from tin mining and smelting, and to a lesser extent from property. Patmi surged by 4x to $234.2 million on the back of fair value gains. The Patmi surge belies the company’s cash flow. Although operating cash flow turned positive at $40 million in FY2021, from negative operating cash flow of $37.3 million in 2020, Straits Trading’s free cash flow position remained negative for the second consecutive year.