Healthcare business drives Q1 earnings of Haw Par Corp up by 26.8%

SINGAPORE - Leisure and healthcare group Haw Par Corp has chalked up a 26.8 per cent rise in first quarter earnings to $17.1 million, with higher contribution from healthcare and investments.

Revenue for the three months to March 31 was up 14.9 per cent at $52.3 million, mainly from healthcare contributions.

Revenue from healthcare business rose by 17.8 per cent to $45.5 million due to continued growth in sales from key markets.

On the flipside, the leisure division reported a 9.6 per cent decrease in revenue due to lower yield from the mix of visitors.

Other income soared by 277.2 per cent to $4.8 million, mostly due to a gain on disposal of available-for-sale financial assets amounting to $2.9 million.

Earnings per share climbed to 7.8 cents from 6.1 cents previously while net asset value per share eased to $11.17 compared to $11.57 as at Dec 31.

Looking ahead, Haw Par noted that the business environment in which the group operates is expected to remain challenging.

"Softening retail sectors in certain key economies could slow the growth pace of healthcare. Leisure will continue to face headwinds," it said.