Company Briefs: The Straits Trading Company

The Straits Trading Company

Net profit at the Straits Trading Company climbed by 28.7 per cent to $8.5 million in the second quarter, the group said yesterday .

The growth came in spite of a 27.2 per cent drop in revenue to $101.6 million in the three months to June 30, on the back of lower tin production and the absence of rental income from an Australian office property sold in November last year. Still, earnings were boosted by a higher share of results from associates and joint ventures, which reported a loss last year.

Earnings per share grew to 2.1 cents, from 1.6 cents previously while net asset value was $3.43 a share, against $3.34 as at Dec 31.

Net profit rose 4.4 per cent to $30.4 million for the half-year against a 16.1 per cent decline in revenue to $235 million.

Yanlord Land Group

Yanlord Land Group's net profit surged by 42.8 per cent to 462.5 million yuan (S$94.4 million) in the second quarter, in spite of a 42.2 per cent fall in revenue to 4.3 billion yuan.

The China-based property developer yesterday fingered a lower gross floor area delivered to customers, in line with its delivery schedule, as being behind the turnover decline.

It attributed its improved profit to a larger share of projects with higher profit margins, as well as a revenue increase from car park sales against the same period a year ago.

Earnings per share for the quarter were 23.88 fen, up from 16.62 fen the previous year, while net asset value was 10.66 yuan against 10.84 yuan as at Dec 31 last year. Revenue for the half-year rose by 3.3 per cent to 10.6 billion yuan and net profit more than doubled to 1.4 billion yuan.

The Hour Glass

The luxury watch retailer yesterday reported that net profit fell by 15 per cent to about $7 million in the first quarter. Improved consumer sentiment lifted revenue by 11 per cent for the three months to June 30, to $164.4 million, but turnover was hit by higher operating costs on the back of a one-off $1.5 million relocation expense.

Earnings per share dropped to 0.99 cent, from 1.16 cents last year while net asset value was 69 cents a share, against 68 cents as at March 31 this year.

The company said the global watch sector continues to remain challenging, but it expects to be profitable for the full year.

A version of this article appeared in the print edition of The Straits Times on August 15, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe