SINGAPORE (May 21): Tourist attractions operator Straco Corporation has reported a loss of $3.4 million for 1QFY20, a reversal from earnings of $8.5 million recorded in the year earlier. Revenue in the same period collapsed by 86.2% y-o-y to $3.4 million.
The company was hit on all fronts. Its attraction in Singapore, the Singapore Flyer, has stopped operating since November last year because of a technical issue. Its few other attractions in China, such as the Shanghai Ocean Aquarium, were then hit when the Covid-19 outbreak happened.
Straco warns that the outbreak continues to hurt the tourism industry in the short to medium term. “Precautionary measures such as safe distancing, operating with reduced daily capacity and travel restrictions will have an adverse impact on revenue,” the company said.
