Straits Trading's EBITDA declines15.7% amidst trade, policy uncertainties

Earnings per share is 1.2 Singapore cents for H1.

The Straits Trading reported a 15.7% YoY decline in earnings before interest, taxes, depreciation, and amortisation (EBITDA) for H1 2024 on the back of escalating trade tensions and policy uncertainties.

EBITDA for the period was $66.3m, the company’s unaudited results showed. 

Earnings per share is 1.2 Singapore cents for H1, a 63.3% decline compared to H1 2023.

The resource segment saw the most decline with a 39.6% decrease in EBITDA to $19.8m.

Straits Trading blamed the decline to the upgrading and scheduled maintenance of its Pulau Indah furnance, which interrupted the refined tin production in the smelter.

In contrast, the property segment’s EBITDA rose 41.3% YoY to $38.1m in H1 due to gains on its logistics properties.

Far East Hospitality Holdings, the hospitality platform that is 30% owned by Straits Trading, contributed $1.9m in profit in H1 as international travel continues to be strong.

The group increased cash and cash equivalents holdings to $476.3m by raising $130m through a 4.7% multi-currency note programme.