Straits Trading posts 28.7% rise in 2Q profit

SINGAPORE (Aug 15): The Straits Trading Co Ltd posted a 28.7% rise in net profit for the second quarter (2Q) ended June 30 to S$8.5 million (RM26.51 million) amid a turnaround in the profitability of its resources and hospitality segments from a year ago.

The Business Times reported the group’s real estate segment, which accounted for 97% of the group’s profit during the quarter, saw a decline in net profit to S$8.24 million from S$11.26 million in the same period a year ago. Group revenue in 2Q, however, slipped 27.2% to S$101.56 million.

For the first half of the year, Straits Trading’s net profit grew 4.4% to S$30.45 million, due to a 20.7% jump in profit from the real estate segment to S$27.41 million, and a 16.7% increase in the resources segment’s net profit to S$3.14 million.

This article first appeared in The Edge Financial Daily, on Aug 15, 2017.

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