One-off acquisition expenses drag down Straco's Q4 profit

Singapore

ONE-OFF expenses of S$1.98 million related to the acquisition of the Singapore Flyer, coupled with an exchange loss of S$37,000 versus an exchange gain of S$0.48 million from the corresponding period a year ago, dragged tourism operator Straco Corpora-tion's fourth-quarter net profit down 21.4 per cent to S$4.43 million.

For the three months ended Dec 31, 2014, Straco's operating and administrative expenses surged 82.2 per cent or S$6.02 million, due mainly to expenses incurred by its subsidiary Straco Leisure, as it took over the operation of the Singapore Flyer, of which it owns a 90 per cent stake, in late-November last year.