SINGAPORE (Nov 14): Straco Corporation announced earnings of $21.3 million for 3Q17, representing a 6.1% decline from its 3Q16 earnings of $22.7 million a year ago, on lower revenue and higher expenses.

Revenue for the quarter fell 3.2% to $461 million from $47.6 million a year ago due to lower income from its Underwater World Xiamen (UWX) business in China, which was offset in part by increased contributions from Shanghai Ocean Aquarium (SOA), Lixing Cable Car and Straco Leisure, which operates the Singapore Flyer.

Overall visitors to all attractions fell 6.1% over the quarter, compared to that in 3Q16.

Meanwhile, total expenses excluding finance cost grew 3.5% from a quarter ago in the absence of a sales tax reversal recorded a year ago, when SOA received notification of a waiver being granted for taxes paid on ticket revenue from Jan-April 2016.

As at end Sept, Straco’s cash and cash equivalents amounted to $189.11 million.

Citing statistics from the National Bureau of Statistics of China and Singapore’s Ministry of Trade and Industry, the group implies expectations of improvements in both countries’ tourism sectors as their GDP figures continue to grow.

Shares in Straco closed 0.6% lower at 87 cents on Tuesday.

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