Straco Corporation, a tourism facilities operator, reported a substantial rise in net profit for the first quarter of 2024, reaching S$5 million, more than triple the S$1.6 million earned in the same period last year. The sharp increase was attributed to the full resumption of operations at the Singapore Flyer and higher visitor numbers at its attractions in China.

Revenue for Q1 rose by 38.2% to S$17.3 million, compared to S$12.5 million a year ago. Operating profit more than doubled to S$7.4 million from S$3.1 million in the previous year.

In the first quarter of 2023, the Singapore Flyer experienced disruptions due to maintenance work and limited operating hours, which impacted performance. The company’s operations have since fully recovered.

However, Straco remains cautious, noting that the pace of recovery in China is moderate as consumer spending has declined due to ongoing macroeconomic challenges.

Straco’s shares closed 1% lower at S$0.48 on Wednesday, ahead of the announcement.