Singapore Flyer operator Straco Corp reverses loss with S$1.6 million Q1 net profit
TOURISM facilities operator Straco Corporation posted a S$1.6 million net profit for its first quarter, reversing a previous loss of S$3 million, as revenue surged higher.
The company said in a business update on Friday (May 26) that revenue for the three months ended Mar 31, 2023 rose 159.4 per cent on year to S$12.5 million.
Straco, which operates facilities such as the Shanghai Ocean Aquarium and the Singapore Flyer, said its China attractions registered positive revenue growth with higher visitor numbers.
“There had been no suspension of services for the quarter under review, unlike in previous quarters where intermittent closures were experienced when stringent Covid-19 measures were imposed by the authorities,” it said.
The Singapore Flyer also generated “significantly higher revenues” compared to the same period in 2022. Ride operations had been suspended due to a technical issue between Jan 16 and Apr 14 last year.
Straco added that its financial position “remains strong” with net cash holdings of around S$145.8 million as at end-March 2023.
Straco Corporation shares closed unchanged at S$0.475 on Friday, before the business update.
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