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Roxy-Pacific's Q3 net profit down 23% on lower property development revenue

PROPERTY and hotel group Roxy-Pacific Holdings has reported a 23 per cent year-on-year drop in third-quarter net profit to S$12.37 million, on the back of a 12 per cent fall in revenue to S$67.16 million.

Revenue from property development, the group's main revenue source, shrank 19 per cent to S$51.98 million, largely due to lower revenue recognition from Spottiswoode 18.

The group's share of profits of associates climbed to S$8.07 million from S$2.73 million previously, due chiefly to profit recognition from the completion of sale of certain strata retail units at 8 Russell Street in Hong Kong in the third quarter of this year.

Earnings per share fell to 1.04 Singapore cents in Q3 FY2014 from 1.35 cents in Q3 FY2013. Net asset value per share stood at 29.73 cents on Sept 30, 2014, slightly ahead of 27.62 cents at Dec 31, 2013.