Straco Corporation, which operates tourist attractions in China such as the Shanghai Ocean Aquarium, expects to report a loss for the full year ended Dec 31 2020, as the pandemic hurt its operations.
In addition, the company will take an impairment on the value of investment properties held by its subsidiary Straco Leisure, which holds the Singapore Flyer.
“Notwithstanding the above, the overall financial position of the Group remains healthy,” the company says.
SEE: Straco's 1Q earnings more than double to $8.5 mil on revenue recovery from Singapore Flyer
In its 3QFY2020 business update provided on Nov 13, the company reported losses of $197,000 for the nine months ended Sept 30, a swing from earnings of $36.3 million in the year earlier period. Revenue in the same period dropped 77.8% y-o-y to $20.9 million.
For the three months ended Sept 30, Straco reported earnings of $6.45 million, down -65.7% y-o-y.
The company will report its full year results on Feb 27.
Straco shares closed Feb 11 unchanged at 54 cents.
