Roxy-Pacific reports 53% rise in Q1 net profit to S$6.4m

Property developer Roxy-Pacific has posted a 53 per cent on-year rise in its first quarter net profit, to S$6.4 million.

Revenue increased by nearly two-thirds to S$38 million. The jump was mainly due to the progressive recognition of revenue from five development projects in the quarter.

The firm also saw an increase in rental yield from the renewal lease for some of the shop units at its Roxy Square Shopping Centre since the second half of last year.

But looking ahead, Roxy-Pacific said it expects its property development segment to be affected by cautious buying sentiments, which is expected to persist for the rest of the year.

Still, the firm said the balance amount of pre-sale revenue of approximately S$315 million from its development projects is expected to contribute positively to its performance from 2009 to 2011.

Source : Channel NewsAsia – 8 May 2009

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