Straco Corporation, the developer and operator of tourism-related attractions in China, reported a 17.2% drop in net profit of $9.53 million for the third quarter ended 30 September 2011.
Group revenue was $17.85 million, a decrease of 27.6% from 3Q2010, attributable to the decline in revenue from Shanghai Ocean Aquarium (SOA) where performance during 3Q2010 significantly benefited from the six months long World Expo event.
For the quarter under review, combined visitors to its two main attractions, SOA and Underwater World Xiamen (UWX) registered a 19% decrease from 3Q2010. Visitor arrival to SOA dropped 43.5%; while UWX saw visitor numbers surged 46.3% due to the increasing popularity of Xiamen city as a tourism destination, mitigating the decline in SOA. However, lower proportion of the high-yield walk in visitors resulted in the 27.6% decline in revenue.
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