Straco's net profit down 4% to $8.34m in Q1

Due to start-up, staff costs.

The Mainboard-listed developer and operator of tourism-related attractions reported a 4$ drop in net profit to $8.34m in the first quarter. Higher earnings from Singapore Flyer, Shanghai Ocean Aquarium, and Lixing Cable Car were partially offset by lower revenue from Underwater World Xiamen.

“Net profit dropped 4% over last year’s corresponding period despite a 5.1% revenue growth, attributable to the start-up cost of the Chinese Restaurant at Singapore Flyer which commenced business in February, higher staff cost on more headcount, as well as the sales tax on ticket revenue paid by [Shanghai Ocean Aquarium] this quarter while pending waiver to be granted for this year," said Straco's executive chairman Wu Hsioh Kwang.