SINGAPORE (June 27): Haw Par Corp’s Underwater World ceased operations on Sunday after some 25 years in Sentosa, where it played host to more than 30 million visitors over the years.

(See also: Haw Par closes Underwater World after 25 years of operation)

The group’s leisure division, which includes Underwater World, saw a 9.6% decline in revenue to $2.7 million and profit from operations of just $480,000 versus a loss from operations of $143,000 during the same quarter last year.

On the other hand, Haw Par’s healthcare business, which accounts for most of its revenue, continued to perform well.

The company manufactures and distributes Tiger Balm products. It also owns and distributes the Kwan Loong brand of medicated oils.

For 1QFY2016, the division saw a 17.8% rise in revenue to nearly $45.5 million, while profit from operations climbed 12% to almost $15.2 million.

Once sold as a sticky yellowish paste in small tubs, Tiger Balm is now available in various forms and packaging. There is even a Tiger Balm-branded Glucosamine rub for the joints on pharmacy shelves. The brand is also promoted at sporting events around the world.

“The group has leveraged the Tiger Balm brand and introduced numerous product extensions, such as medicated plaster, joint rub, neck and shoulder rub and mosquito repellent patch. These new products have been well received and currently account for some 60% of the healthcare division’s sales,” notes Goh Han Peng, an analyst at RHB Securities, in a recent report.

“In the past five years, sales and operating profit of the healthcare division have grown at a compound annual growth rate of 14% and 24% respectively to $152 million and $48.1 million.”

Did you know that on top of its roaring Tiger Balm business, Haw Par has holdings in a number of public-listed companies that deliver good dividend income?

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