SINGAPORE (May 9): Straco Corporation posted earnings of $8.9 million for the first quarter ended March, an increase of 6.9% from $8.3 million a year ago.
Revenue grew 4.2% to $27.5 million in 1Q17, from $26.4 million a year ago.
This was attributable to higher revenues from increased visitation to its three attractions in China and better yield at Singapore Flyer.
Overall visitation to all attractions increased 7.8% to 1.1 million visitors.
Earnings per share improved by 7.2% to 1.04 cents in 1Q17, from 0.97 cents a year ago.
Cash and cash equivalents stood at $167.9 million as at March 31, 2017.
“The outlook of China’s tourism remains positive, as the government is committed to developing tourism as a major engine of growth,” says Wu Hsioh Kwang, Straco’s executive chairman.
“Our flagship asset, Shanghai Ocean Aquarium reported double-digit growth in visitor numbers compared to the corresponding period, while visitation to Underwater World Xiamen also increased 9.3%,” Wu says.
Shares of Straco closed half a cent lower at 84 cents on Tuesday.
