Roxy-Pacific Holdings Limited registered a 25 percent increase in revenue to $249.2 million for the period ended September 30, 2013 (9M 2014), from $199.4 million in 9M 2013.
This was driven by growth from all three business segments – Property Development, Hotel Ownership and Property Investment.
The Property Development segment contributed 84 percent of the Group’s turnover in 9M 2014. Revenue from this segment rose 28 percent to $209.8 million largely due to revenue recognition from Space@Kovan, Spottiswoode 18 (pictured), Jade Residences, The MKZ and Whitehaven.
Revenue from the Group’s Property Investment segment surged 184 percent to $3.5 million in 9M 2014 mainly due to rental income from 59 Goulburn Street, which was acquired in July 2014.
Its net profit increased six percent to $50.2 million.
Moving forward, Roxy-Pacific will continue to focus on broadening its asset portfolio and widening geographical reach. Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific, said, “In Property, beyond Singapore, we have entered markets in the region including Malaysia, Hong Kong and Australia. We continue to be on the lookout for good acquisition and investment opportunities in both Singapore and the region for better geographical spread and to enhance value for all shareholders.”
Image source: Roxy-Pacific’s website
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
