Haw Par Corporation has posted a 19.3% fall in attributable profit to $7.3 million in the first quarter ending March 31 2010 (1QFY2010) from $9 million in 1QFY2009.

Revenue for the group increased by 7.1% to $30.1 million from 1Q2009, with higher sales generated by healthcare and leisure divisions.

However, profit before taxation for 1Q2010 decreased by 10.3% to $9 million, with lower profits from leisure and property divisions. Taxation increased by 84.3% due to tax credit adjustments in 1Q2009 as a result of reduction in corporate tax rate to 17%.

With higher sales and margins, profitability of healthcare division reported a 5.1% increase to $3.9 million. The leisure division reported a 19.5% decrease in profit contribution to $2.6 million due to weaker performance in Underwater World Singapore and Chengdu Oceanarium. However, Underwater World Pattaya’s results are maintained against last year. Property division reported a 16.4% decrease in profits to $3.1 million, in line with the decline in revenue as a result of lower rental rates and occupancy.