Straits Trading's 3Q net profit rebounds to $16.8m

It previously reported a $7m net loss.

The Straits Trading Company (Straits Trading), a diversified investment company with interests in real estate, hospitality and resources, reported a net profit of $16.8m for the three months from July to September 2016 (3Q2016) compared to a net loss of $7m in the corresponding quarter last year (3Q2015).

With this, the Group’s net earnings per share improved to 4.1 cents in 3Q2016 from a loss per share of 1.7 cents in 3Q2015.

The Group’s positive results for the quarter significantly boosted its year-to-date performance, taking net profit for the nine months ended 30 September (9M2016) to $46m, reversing the $2.8m loss for the same period last year.

The Group’s revenue dip in 9M2016 was mainly due to lower revenue from its tin mining and smelting business arising from lower production of refined tin and the weaker Malaysian Ringgit on translation to the Singapore dollar. This, however, was partially mitigated by higher property revenue due to rental income from the Group’s properties in Australia and Japan.