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Roxy-Pacific Q1 net profit shrinks 79% to S$9.9m as revenue drops

ROXY-Pacific Holdings' first quarter net profit shrank 79 per cent to S$9.89 million from the same year-ago period.

Revenue for the first quarter ended March 31, 2016, eased 48 per cent to S$102.98 million - largely due to an absence of revenue recognition from completion of Centropod@Changi, a commercial development project that obtained its Temporary Occupation Permit in Q1 2015.

The group said it expects to be profitable in 2016.

Earnings per share fell to 0.83 cent for Q1 FY2016 from 3.89 cents in Q1 FY2015. Net asset value per share rose to 39.37 cents as at March 31, 2016, from 38.34 cents as at Dec 31, 2015.