The Straits Trading Group reported a net profit of $18.7 million for 3Q2011, compared with the loss of $31.3 million for 3Q2010 mainly due to improved operating performance from all its businesses and fair value gains in investment properties.
The group’s revenue in 3Q2011 was $435.4 million, 21% higher than 3Q2010, contributed by higher profits by its tin mining and smelting operations in Malaysia and Indonesia, mainly due to improved performance as well as higher average tin prices. The Group’s investment in the Philippines, KM Resources Inc, also reported better results than the corresponding period of the previous year.
The group’s hospitality revenue rose by 10% q-o-q to $39.7 million for 3Q2011.
Property revenue rose by 85% q-o-q to $22.5 million for 3Q2011.
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