Roxy-Pacific sees strong growth in Q3

Property and hospitality group Roxy-Pacific Holdings Ltd. has announced that net profit in the third quarter jumped 42 percent to S$8.9 million from S$6.3 million in the previous quarter.

The increase came on the back of a 41 percent increase in revenue to S$53.1 million in Q3, driven by a 44 percent surge in revenue to S$40.5 million from its property development segment.

Overall, Roxy-Pacific achieved a total revenue of S$169.3 million and S$30.8 million profit after tax in the nine months ended September 30.

“We are pleased to have maintained our growth momentum, which was achieved through positioning ourselves with the right product at the right price in all our three business segments,” said Mr. Teo Hong Lim, CEO and executive chairman of Roxy-Pacific.

“This can be seen especially in the strong take-up of our development projects. To date, our 99-unit Haig 162 and 25-unit Studios@Tembeling have been fully sold, while our other 2 projects, the 30-unit Straits Residences and 53-unit Jupiter 18 near Eunos MRT, have seen take-up rate in excess of 85 percent,” he said.

The group’s 44 percent increase in revenue from the property development segment was largely attributed to the recognition of revenue from projects like Nova 48, Nova 88 and The Lucent. The segment contributed 76 percent to the group’s total revenue in the third quarter.

Meanwhile, the remaining 24 percent revenue in Q3 came from the hotel ownership and property investment segments, which saw an increase of 31 percent to S$11.7 million in Q3. The hotels ARR improved 28.5 percent to S$177.0 in Q3 from S$137.7 over the same period last year, while AOR rose to 94.8 percent in Q3 from 87.8 percent in Q3 2009.

Source : PropertyGuru – 4 Nov 2010

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