Singapore Flyer operator Straco’s Q3 earnings plunges 28.6% YoY

The decline was mainly due to exchange losses from the weakening Renminbi.

Straco reported a 28.6% year-on-year (YoY) decline in net profit for Q3 2024 to $11.6m from $16.3m a year ago.

The decline was mainly due to the weakening Renminbi currency which drew an exchange loss of $1.2m during the period.

Revenue for the period was $31.4m, dropping 11.4% YoY from $35.4m in Q3 2023.

Straco’s aquariums in Shanghai and Xiamen registered drops in revenue and profit, due to reduced spending amongst Chinese tourists and heightened competition.

Meanwhile, its Singapore Flyer and Cable Car operations in Xian saw positive performances due to the increase in international visitors.

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