Roxy-Pacific Q1 net profit up 31%

Property and hospitality group Roxy-Pacific Holdings posted a 31 percent rise in net profit to S$11.8 million in the first quarter of 2013 from S$9.0 million over the same period last year.

Gross profit also increased to S$18.3 million, up 10 percent from last year’s S$16.6 million, while revenue surged 41 percent to S$53.7 million from S$38.1 million.

“We are pleased to begin this new financial year with a strong set of first quarter results. The group’s earnings growth came on the back of positive performance from our property development and property investment segments and higher share of results from associates,” said Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific.

The firm’s property development business saw a 72 percent growth in turnover from S$24.6 million in Q1 2012 to S$42.4 million in Q1 this year, accounting for 72 percent of the group’s total revenue. The increase was due to revenue achieved from six projects – The MKZ, Treescape, Spottiswoode 18, Straits Residences, Space@Kovan and Jupiter 18.

At the same time, hotel ownership accounted for 20 percent of the total revenue, while the remainder came from property investment.

Source : PropGuru – 6 May 2013

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