Photo by Gem Lyn on Unsplash
Singapore Flyer operator Straco net profit soars 213.3% to $5.022m
The ride was in full operation in 1Q24.
Mainboard-listed Straco Corporation Limited’s net profit skyrocketed to $5.022m in 1Q24, up 213.3% YoY.
In 1Q23, the Singapore Flyer operator only reported a profit attributable to shareholders of $1.6m.
The company also saw increased revenue of $17.3m (+38.2% YoY) amidst the recovery of the business environment from the COVID-19 pandemic.
Straco Corporation said its Singapore Flyer ride operations were fully operational in 1Q24, helping boost revenue for the period.
In 1Q23, the Singapore Flyer was suspended for 27 days from 1 March 2023 for spoke cables replacement works and daily operation hours had not fully resumed.
Meanwhile, the company also saw higher visitor numbers in its China attractions, registering revenue growth.
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