The group’s ebitda fell 87% y-o-y to $79.5 million. Excluding the one-time net gain of $642.1 million from the ARA disposal, however, ebitda would have increased by $108.2 million y-o-y.
As a conglomerate, Mainboard-listed Straits Trading Company (STC) (SGX:S20
) appears to have a finger in every pie. It owns stakes in companies across three sectors: resources, property and hospitality. Each faces its own challenges and opportunities, and each is at a different point of industry cycles. Taken together, STC’s FY2023 has proven more challenging than usual.
On Feb 27, STC posted a $28.6 million a loss after tax and non-controlling interests for FY2023 ended Dec 31, 2023, reversing from earnings of $551.3 million in FY2022. The decline was primarily attributable to a high base in FY2022 — coming from the disposal of ARA Asset Management (ARA) in January 2022 — and partially mitigated by lower net fair value losses from investment properties.
