Straco Corporation Limited

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Full Year Results Financial Statement And Related Announcement

Financials Archive

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Income Statement

Income Statement

Statement Of Comprehensive Income

Comprehensive Income Statement

Balance Sheet

Balance Sheet

Review of the performance


In the fourth quarter of FY2017, the Group achieved sales of $24.59 million, an increase of 5.8% from the corresponding period in 4Q2016, mainly due to higher revenue at our three attractions in China- Shanghai Ocean Aquarium ("SOA"), Underwater World Xiamen ("UWX"), and Lixing Cable Car, partially offset by lower revenue from Straco Leisure which operates the Singapore Flyer.

Overall visitation to all our attractions was 0.983 million visitors for the quarter, 7.4% higher than the corresponding period in 4Q2016.

Cumulatively, overall revenue for FY2017 amounted to $128.44 million, 2.6% higher than the corresponding period in FY2016.

Operational Results

Total Expenses (excluding finance cost) for 4Q2017 increased $0.72 million, or 4.5% from 4Q2016. Cost of sales for 4Q2016 increased over corresponding period, mainly due to higher food and beverage cost due to the restaurant at Singapore Flyer site which started in February last year, and higher retail cost. Property and other taxes increased, mainly due to higher property tax paid by Straco Leisure, arising from the revision in annual value by the tax authority. Consultancy expenses decreased, due to a reversal of an accrued amount. Other operating expenses increased, mainly due to higher service fee paid to ferry operators at UWX due to increase in business volume. Less exchange gain was recorded in 4Q2017.

Finance cost for 4Q2017 increased 1.6% from 4Q2016, due to the recognition of finance expenses for the provision of reinstatement cost for Straco Leisure Pte Ltd (SLPL) during the 4Q2017

Profit before tax was $9.32 million for the current quarter, 4.4% higher than the profit before tax of $8.93 million for 4Q2016.

Balance Sheet items

Intangible assets decreased 19.1% from $3.20 million at 31 December 2016 to $2.59 million at 31 December 2017 due to the periodic amortization of the intangible assets cost at Straco Leisure.

Trade and other receivables increased 37.0% from $3.73 million at 31 December 2016 to $5.11 million at 31 December 2017 mainly due to increase in interest receivables from fixed deposits placed, partially offset by the refund received by SOA this year for 2016 sales tax paid on ticket revenue upon the waiver being granted.

Other current assets decreased 13.0% from $1.08 million at 31 December 2016 to $0.94 million at 31 December 2017 mainly due to decrease in prepayments.

Deferred income decreased from $0.26 million at 31 December 2016 to $0.18 million at 31 December 2017, mainly due to the periodic recognition of deferred income to profit & loss in the current period.

Current tax liabilities increased 17.8% from $2.08 million at 31 December 2016 to $2.45 million at 31 December 2017, mainly due to the provision of income taxes for 4Q2017 profits at our subsidiaries, partially offset by the payment of 4Q2016 income taxes by SOA, LCC, and UWX in the current period.

Cash flow Statement

The Group generated net cash from operating activities amounting to $4.7 million for 4Q2017. During the year, the Group used $23.26 million to pay out dividends and $13.12 million to repay borrowings and paid interest on loan. The Company used approximately $0.80 million to buy back 925,100 of its own shares and received $0.86 million from the exercises of 2.414 million share options. As at 31 December 2017, the Group's cash and cash equivalent balance amounted to $190.41 million.


The National Bureau of Statistics of China reported that China's gross domestic product ("GDP") grew 6.9% in 2017 and 6.8% in the fourth quarter of 2017 against the prior year ago period, backed by a strong manufacturing sector and healthy domestic consumption.

On the tourism sector, year 2018 is the China-EU Tourism Year. China government will continue to deepen the structural reform of the supply side in 2018, and vigorously boost inbound tourism, stabilize the development of domestic tourism, and enhance the international influence and competitiveness of the Chinese tourism industry.

In Singapore, the economy grew 3.1% in 4Q2017. Growth was supported primarily by robust output expansions in the electronics and precision engineering clusters based on advance estimates from the Ministry of Trade and Industry. With the festive period under way, Singapore's tourism industry look poised to finish the year strong, bolstered by growing arrivals from China. According to preliminary estimates from the Singapore Tourism Board (STB), the nation received about 13.05 million visitors in the first three quarters of 2017, up 5% year-on-year. Arrivals from China - which outpaced Indonesia - shot up nearly 10% to some 2.49 million travellers, as the STB's efforts to better engage Chinese visitors and reach out to more second-tier cities appear to be paying off. We continue to see tourism sector remain healthy into 2018.

On 25 January 2018, the Group subsidiary's Giant Observation Wheel was suspended due to a technical issue. Flights operations are expected to resume once investigations are completed and approvals are obtained from the relevant authorities. As of to date, to the best of management's knowledge and belief, it is unlikely that this temporary suspension will significantly impact the Group's business operations as a whole.