Haw Par Corp reports 10.6% rise in Q1 earnings

SINGAPORE - Net profit for the first quarter at Haw Par Corp rose by 10.6 per cent to $13.46 million, as revenue rose 18.6 per cent to $45.55 million.

The revenue increase was mainly from healthcare, where revenue rose by 29 per cent to $38.62 million with an increase in sales from key markets.

But revenue from leisure fell 28.5 per cent to $2.99 million from lower visitorship at both Underwater World in Singapore and Pattaya.

Revenue from property fell 7.6 per cent to $3.94 million.

Earnings per share was 6.1 cents for the three months to March 31, up from 5.6 cents a year back.

Net asset value was $12.63 at March 31, down from $12.82 at Dec 31.

"Improving standards of living, particularly in Asia, and growth in tourist traffic globally will continue to benefit healthcare, albeit in an even more challenging environment," the company said.

It added leisure could be further affected by overall weakness in the Singapore and Pattaya tourism sectors and competition from newer attractions.