Straco Q3 net profit up 28% to S$19.5m

TOURISM operator Straco Corporation reported a net profit of S$19.5 million for the three months ended Sept 30, 2014, up 28 per cent from S$15.2 million a year ago. Revenue rose 26 per cent to S$38.6 million, from S$30.5 million.

The improved profit was driven by higher visitor numbers to the company's two main attractions, which are aquariums in Shanghai and Xiamen.

Combined visitor numbers to both aquariums increased to 1.65 million for the quarter, up 31 per cent from a year ago.

Straco executive chairman Wu Hsioh Kwang said in a statement that the company expects "domestic travel in China will continue rising in line with the government's initiatives for the tourism industry".

Straco's results did not include that of the Singapore Flyer, which it recently bought for S$140 million. Partial results will only show up in the statements for its fourth quarter this year.

Straco closed up half a cent to 72.5 Singapore cents before results were announced.