For FY2023, Straits Trading registered a net loss of S$28.6 million as opposed to a S$551.3 million profit in the prior year, with a LPS of S$0.064 compared to FY2022’s earnings per share of S$1.27.
Revenue declined 6.8 per cent to S$491.7 million from S$527.6 million in FY2022.
Straits Trading nonetheless said its performance for the financial year was “resilient” amid a challenging global business environment that was “weighed down by elevated cost of funding and macroeconomic uncertainty”.
It also noted fewer transaction volumes as a high interest and capitalisation rate environment put downward pressure on the valuation of real estate assets.
As at end Dec 31, 2023, Straits Trading had S$458.1 million in cash and cash equivalents compared to S$251.7 million in the same period last year.
The group said this would enable it to pursue its business of active capital recycling, enhancing real estate operations through a value-add strategy, and seeking out optimal risk-adjusted returns in the use of capital.
“Having taken prudent measures to bolster its various businesses, Straits Trading is well placed to withstand economic and geographical headwinds. The group remains optimistic that the resources and hospitality businesses will continue to benefit from the industry cyclical tailwinds.”
Shares of Straits Trading ended Monday S$0.01 or 0.6 per cent higher at S$1.61.
