Revenues generated from the Singapore Flyer were 33% higher than the year-ago period
TOURIST attraction developer and operator Straco has posted a 64.5 per cent increase in net profit to S$10.5 million for the first half ended Jun 30, up from S$6.4 million in the previous corresponding period.
In a bourse filing on Monday (Aug 12), the group attributed this to a revival in the tourism industry, saying that it received 13 per cent more visitors than the year-ago period, and that all of its attractions were profitable for the six-month period.
Straco executive chairman Wu Hsioh Kwang said: “In this challenging economic environment, domestic tourism has accounted for most of our improved China revenue. We remain cautiously optimistic about the tourism recovery in China.”
Operating revenue grew 11.9 per cent to S$35.9 million, up from S$32.1 million in the previous corresponding period.
Revenues from its attractions in China were around the same level as H1 2023, it noted, while revenue from the Singapore Flyer came in 33 per cent higher.
Earnings per share for the period increased to 1.23 Singapore cents, from 0.75 cent.
The company did not declare an interim dividend, as it “intends to conserve cash” and its practice is to recommend final dividend payment annually after the close of its fiscal year.
Straco shares closed flat at S$0.46 on Monday, before the announcement.
