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Roxy-Pacific's Q2 earnings down 43%

PROPERTY and hotel group Roxy-Pacific Holdings has posted a 43 per cent year-on-year drop in second-quarter net profit to S$13.05 million. Revenue fell 9 per cent to S$93.72 million for the quarter ended June 30, 2015.

Earnings per share slipped to 1.09 cents in Q2 2015 from 1.91 cents in Q2 2014.

Net asset value per share rose to 36.89 cents as at end-June 2015 from 33.54 cents as at end-December 2014.

The counter closed half a cent lower at 50 cents on Thursday. Roxy-Pacific released its results after trading hours.

For the first half, Roxy-Pacific's net profit rose 58 per cent year on year to S$59.5 million on the back of a 60 per cent jump in revenue to S$291.92 million.

Roxy-Pacific board is proposing to reward shareholders with an interim cash dividend of 0.616 cent per share, just as it did last year.

The group's executive chairman and CEO, Teo Hong Lim, said: "With good headroom from our recently-established S$500 million multicurrency debt issuance programme, we are looking at deepening our footprint in existing markets while expanding into new geographies to build up our yield-accretive property and hospitality asset base."