The pandemic is still weighing down on tourism attraction operator Straco Corp. For the 1QFY2022 ended March, the company reported a wider loss of $2.96 million, vs red ink of $658,700 in the year earlier period.
Revenue in the same period was down 40.3% y-o-y to $4.8 million, as its various attractions suffered from suspensions imposed by authorities trying to curb the pandemic.
“We expect sentiment to improve with gradual de-escalation of Covid measures amid success in managing the situation by the authorities,” says Straco, referring to its operations in China.
Here in Singapore, its Singapore Flyer was also affected by a closure from January 16 to April 14 because of a technical problem discovered during routine maintenance inspection. Operations have since resumed.
“Singapore Tourism Board (STB) had recently aired its optimism on tourist arrivals with the resumptions of Vaccinated Travel Lanes and further border relaxations,” the company adds.
Straco shares last traded at 42 cents.
