Singapore Flyer operator Straco H1 profit down 49% to S$5.4 million

Straco, the operator of the Singapore Flyer, reported a 49% drop in net profit to S$5.4 million for H1 2023, down from S$10.5 million a year earlier. Revenue fell 9% to S$32.7 million, with a decline in attendance to 1.29 million visitors. The decrease is attributed to a less buoyant economic outlook affecting consumer confidence and discretionary spending. Despite the challenges, Straco's executive chairman noted resilience in the tourism sector. Earnings per share decreased to S$0.63 from S$1.23.