Roxy-Pacific Holdings Ltd, a homegrown specialty property and hospitality group, has announced strong financial results for the third quarter ended 30 September, with its net profit jumping 50 percent year-on-year from S$8.9 million to S$13.4 million.
However, its revenue for the quarter declined 16 percent year-on-year from S$53.1 million to S$44.4 million, primary due to a decline in contributions from its property investment and property development segments, but partially offset by stronger revenue contribution from its hotel ownership segment.
“We are encouraged by the good 3Q bottomline growth despite the current market conditions,” said Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific.
“With the broadening of our asset portfolio, apart from residential developments, we now have a good balance of mixed and 100% commercial developments such as Kovan Centre, Millage, Centropod@Changi, WIS@Changi, as well as Eon Shenton in our development pipeline. This is part of our strategy to diversify our portfolio to manage market cycles better.”
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