SINGAPORE (Feb 28): Straco Corporation announced that its 4Q17 earnings dropped 1.2% to $6.07 million compared to $6.14 million in 4Q16.
This brings FY17 earnings to $47.7 million, 2.7% higher than $46.5 million in FY16.
Revenue for the quarter increased by 5.8% to $24.6 million from $23.2 million last year, mainly due to higher revenue at the group’s three attractions in China- Shanghai Ocean Aquarium (SOA), Underwater World Xiamen (UWX), and Lixing Cable Car, but was partially offset by lower revenue from Straco Leisure which operates the Singapore Flyer.
Other income dropped 12.35 to $1.67 million compared to $1.90 million a year ago.
Operating leases expense increased by 7.5% to $1.48 million from $1.38 million a year ago.
Repair and maintenance expenses were 10.1% higher at $1.43 million compared to $1.30 million, last year.
Other operating expenses increased by 24.1% to $0.63 million from $0.51 million in the previous year, mainly due to higher service fee paid to ferry operators at UWX due to increase in business volume.
The group declared a first and final cash dividend of 2.5 cents per share.
Looking ahead, the group continues to see the tourism sector remain healthy into 2018.
Shares in Straco closed at 83 cents on Wednesday.
