Straco chalks up lower Q2 profit, partly due to exchange losses

Straco Corp has reported an 11.6 per cent slide in net profit to S$9.25 million for the second quarter ended June 30, weighed down by currency exchange losses.

Stripping out exchange differences, group profit would have declined some 6.4 per cent instead.

Revenue at tourism-related attraction operator was 5.2 per cent down at S$27.86 million due to lower revenue from the Shanghai Ocean Aquarium and Underwater World Xiamen. This was partially offset by higher revenue from the Singapore Flyer.

Earnings per share came to 1.08 Singapore cents, down from 1.22 cents a year ago. The counter closed up two cents at S$0.81 on Wednesday.

For the six-month period, net profit was down 8.2 per cent at S$17.58 million, while revenue was half a per cent lower at S$54.29 million.

Straco executive chairman Wu Hsioh Kwang said: "Despite the continued economic slowdown and uncertainty, we are pleased with the overall performance for the first half of the year as our flagship attractions continue to be a main draw for tourists."