Singapore-listed developer Roxy-Pacific Holdings saw its net profit increase 27 percent to $15 million in Q1 2014 from $11.8 million during the same period last year, on the back of strong revenue growth of 48 percent to $79.5 million.
The group’s higher revenue was the result of stronger performance from its property development and hotel ownership segments.
Specifically, property development comprising residential and commercial developments accounted for 84 percent, or 67.1 percent of the group’s total turnover.
Revenue from this segment increased 58 percent due to contribution from Spottiswoode 18, Space@Kovan, Treescape, The MKZ, Jade Residences and Whitehaven.
Hotel ownership contributed 15 percent to the group’s turnover, up 10 percent from $10.9 million in Q1 2013.
Meanwhile, revenue from property investment, which accounted for less than one percent of the group’s turnover, declined by two percent due to expired lease terms for some shops in Roxy Square.
Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific (pictured) said: “With balanced pre-sale revenue of $1 billion, we have strong earnings visibility to FY2017. Strategically, we will remain focused on achieving a good balance between our three business segments for both development as well as recurring income and staying geographically diversified too, as we grow our business.”
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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