The Straits Trading Company reported a 2.7 per cent fall in net profit in the first quarter following a drop in revenue.
The company, which derives turnover from tin mining and property, recorded sales of $133.4 million for the three months to March 31, 5 per cent less than the same period a year earlier. This affected its earnings, which fell to $21.9 million, down from $22.6 million a year earlier.
It attributed most of its profits to the real estate business. Profit for this segment rose 40.1 per cent to $19.2 million for the quarter due to the distressed investment properties acquired by an associate. Profit at the resources unit came in at $2.4 million, almost half the $4.6 million in the first quarter of last year.
Earnings per share was 5.4 cents, down from 5.5 cents for the same period a year earlier. Net asset value was $3.37 as at March 31, up from $3.34 three months earlier.
Yanlord Land Group
Chinese home-buyer demand sent Chinese developer Yanlord's profits skyrocketing in the first quarter. Earnings rose 259.1 per cent to hit 934.1 million yuan (S$189.4 million) for the three months to March 31, while revenue was 6.3 billion yuan, up 121.5 per cent from the same period a year earlier.
Earnings per share rose 260.6 per cent to 48.14 fen, while net asset value per share was 10.55 yuan as at March 31. The company attributed its stellar performance to higher profit margins in several projects, including Yanlord Yangtze Riverbay Town in Nanjing, which contributed 42.8 per cent of revenue for the first quarter, as well as the Yanlord Marina Centre in Zhuhai, which made up 11.9 per cent of turnover.
Croesus Retail Trust
Mall operator Croesus Retail Trust achieved a 15.2 per cent rise in distribution per unit (DPU) to 2.05 cents for the third quarter. The results from a year earlier were restated to reflect the effect of 27,682,070 units issued following a preferential offering on Aug 25 last year.
Revenue rose 22.4 per cent in the three months to March 31 to 3.02 billion yen (S$37.3 million), mainly due to CRT's enlarged portfolio of income-producing properties with the acquisition of Fuji Grand Natalie, Mallage Saga and Feeeal Asahikawa last year.
Net property income for the quarter rose 14.4 per cent year on year to 1.61 billion yen.