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Straco Corp posts 23% increase in Q2 profit

ATTRACTIONS operator Straco Corporation reported a 23.4 per cent year on year jump in second quarter net profit to S$11.41 million as revenue increased.

Revenue was 8.4 per cent higher at S$30.21 million, as its Shanghai Ocean Aquarium, Lixing Cable Car and Singapore Flyer attractions reported higher revenue on increased visitorship.

Meanwhile, earnings per share rose from 1.08 Singapore cents to 1.33 cents.

For the quarter under review, overall visitor numbers to all the attractions increased 8.3 per cent over 2Q2016 to 1.23 million visitors.

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For the six month period ended June 30, net profit rose 15.6 per cent to S$20.32 million while revenue increased 6.4 per cent to S$57.74 million.

Executive chairman Wu Hsioh Kwang said: "We are pleased with the overall performance for the first half of the year as our attractions, except Underwater World Xiamen (UWX), registered positive growth. UWX's performance had been impacted by unfavourable weather with more rainy days in May and June, as well as newly implemented capacity restriction to Gulangyu by the local authorities, resulting in decline in visitor numbers in 2Q2017."