Straco Q1 earnings soar 60.5% on Singapore Flyer turnaround

TOURIST attraction operator Straco posted a surge in first-quarter earnings after bringing the previously loss-making Singapore Flyer into its fold and back into the black.

Net profit for the three months to March 31 leapt 60.5 per cent from the previous year to S$8.7 million, it said in a Singapore Exchange filing on Friday.

Revenue also shot up a whopping 71.5 per cent to S$25.2 million in the period.

The sharp jump was mainly due to revenue from the Singapore Flyer, which Straco's unit Straco Leisure bought in November 2014, the company said in a statement. It also cited more visitor arrivals to its Shanghai Ocean Aquarium.

Earnings per share climbed to 1.02 Singapore cents for Q1, up from 0.64 Singapore cents the previous year. Net asset value per share rose to 23.76 Singapore cents as at March 31, from 22.02 Singapore cents as at Dec 31.

Straco shares dipped 1.5 Singapore cents to S$1.05 before its results were released.