SINGAPORE (May 11): Haw Par Corp, the manufacturer of Tiger Balm ointment with interest in the leisure and property sectors, has announced 1Q17 earnings of $17.3 million, up 21.8% from the $14.2 million the year before.

Group revenue for the quarter came in 16.3% higher at $60.8 million compared to $52.3 million in the previous year due to increased sales of Tiger Balm products, which resulted from increased distribution and better offtake certain key markets through enhanced activities.

As a result of the higher sales, profit from operations grew 18.3% to $20.8 million.

This was however partially offset by lower revenue from its leisure segment with the cessation of the group’s business at Underwater World Singapore in June 2016.

Other income however came in 41.9% lower at $1.1 million, due to a one-off investment income in the prior period and lower interest income during the period.

Distribution and marketing expenses grew 19.9% to $14.9 million mainly due to higher marketing expenses to drive sales in the healthcare segment.

In its filing to the SGX on Thursday, Haw Par says that its healthcare segment may continue to benefit from improved economic conditions in key markets, although heightened geopolitical risks remain of concern.

It adds that the valuation of the group’s investments is susceptible to market volatility.

Shares of Haw Par closed 1.25% higher at $10.49 on Thursday.