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Straco's Q1 profit down 4% on back of Shanghai sales tax

A SALES tax on ticket revenue to the Shanghai Ocean Aquarium has weighed down on Singapore Flyer operator Straco Corporation's profits for the first quarter of this year, when compared with last year's figures from the same period.

The mainboard-listed firm posted on Tuesday a net profit of S$8.34 million, down 4 per cent year-on-year.

Excluding the sales tax paid, net profit would have been in line with year-ago figures, Straco said in a Singapore Exchange filing.

Bottomline income was also dragged down by the startup costs of a restaurant at the Singapore Flyer which commenced operations in February, along with higher staff costs on more headcount, the firm said.

Meanwhile, revenue is up 5.1 per cent year-on-year to S$26.4 million, on the back of increased revenue from the Singapore Flyer, Shanghai Ocean Aquarium and Lixing Cable Car.

Visitation figures to the firm's attractions saw similar growth figures, with a 5.1 per cent increase to 991,000 visitors.

Earnings per share for the quarter is down 4.9 per cent to 0.97 Singapore cent.

Straco closed 0.5 Singapore cent down at 78.5 Singapore cents.