Roxy-Pacific Holdings announced its net profit rose 16 percent to $22.8 million in Q2 2014, from $19.5 million in Q2 2013.
This was achieved on the back of strong revenue growth of 49 percent to $102.6 million.
In Q2 2014, the group’s revenue rose 49 percent to $102.6 million, as a result of stronger performance from its property development segment.
Revenue from its property developments increased 59 percent to $90.7 million, and contributed 88 percent of group revenue in the quarter.
Roxy-Pacific Holdings’ share of profits of associates also increased to $3 million in Q2 2014 due to profit recognition from the joint venture projects – Nottinghill Suites, Millage and Natura@Hillview.
The Group achieved net profit growth of 16 percent to $22.8 million in Q2 2014.
Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific, said, “Our strong performance continued to be led by our core Property Development segment, with 12 of 16 projects in Singapore substantially sold. We recognise that the market conditions are challenging and differentiation of our developments, coupled with innovative marketing initiatives and attractive pricing, will provide a competitive edge.”
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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