Straco's net profit dives 11.6% to $9.25m

Tourism attractions abroad are losing visitors.

Straco Corporation’s tourism businesses may be losing their charm as the group’s net profit dipped 11.6% YoY to $9.25 million.

According to Straco, the decline is largely due to unimpressive revenues on back of lower visitations at two aquariums, Shanghai Ocean Aquarium and Underwater World Xiamen. Overall visitation to all the attractions dove 7.2% YoY this quarter.

It also blamed exchange loss in the current period against an exchange gain in the same quarter a year ago, as RMB currency weakened against SGD in this quarter. Taking away the exchange differences, group profit would have declined around 6.4% instead, Straco said in a release.

“Despite higher revenue at Singapore Flyer for 2Q16 following improved ticket yield, group revenue fell 5.2% to $27.86 million,” it added.

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