Straco's net profit down 21.4% to $4.43m in Q4 on back of Flyer acquisition

Acquisition expenses totalled to $2m.

Straco Corporation reported that its net profit fell 21.4% to $4.43m in Q4, on back of a one-off charge worth $1.98m in connection with its acquisition of the Singapore Flyer.

Excluding these one-off expenses, net profit for the quarter would have been approximately $6.21m, 10.3% higher than last year.

Group revenue was $19.42m for the quarter, an increase of 32.8% year-on-year, mainly attributable to increased revenue from higher visitor numbers at Shanghai Ocean Aquarium, as well as revenue contributed by its subsidiary, Straco Leisure Pte Ltd from the newly acquired Singapore Flyer.

The group's revenue for FY14 registered growth of 26.7% year on year while Group profit increased 10.5% over the corresponding period to $37.69m