Straco Corporation says it expects to report a “substantial” net profit for the FY2023 ended Dec 31, 2023, due to overall improvements in its business operations. In comparison, the group reported a net loss in FY2022.
During the year, the group saw higher revenue from its Chinese attractions on the back of surging visitors since early December 2022 when domestic tourism recovered strongly. Revenue for the Singapore Flyer, which it operates, also rose from the higher number of visitors as international tourist arrivals recovered strongly. Ride operations at the Flyer also resumed to its normal operating hours.
Finally, the group saw lower exchange losses recorded in FY2023.
The group will release its results on Feb 29.
