Straco Corporation Limited provided an update on the financial performance of the Group for the full year ended 31 December 2023. Based on the preliminary review of the unaudited financial results of the Group for FY2023, the Group is expected to report a substantial net profit for FY2023 due to an overall improvement in business operations as compared to the net loss reported for the corresponding period ended 31 December 2022 due mainly to the following reasons: Increase in revenue from the Group's China attractions in FY2023 as visitor numbers surged following the easing of strict Covid-19 measures since early December 2022 and domestic tourism recovered strongly and continued its advance towards pre-Covid levels. In comparison, prolonged closures and intermittent lockdowns arising from the zero-Covid policy in FY2022 severely impacted visitor numbers and normal operations; Increase in revenue from Singapore Flyer arising from higher visitor numbers as international tourist arrivals recovered strongly and ride operations gradually resumed to its normal operating hours.

In comparison, ride operations were suspended for three months due to a technical issue in FY2022; and Lower exchange losses recorded in FY2023 compared to exchange losses of $5.37 million recorded in FY2022.