Roxy profit down, expects more lumpy earnings from FY2017

Singapore

PROPERTY and hotel group Roxy-Pacific Holdings posted drops in fourth-quarter and full-year net earnings - due partly to the absence of profit recognition from the sale of strata retail floors at 8 Russell Street in Hong Kong by an associate company which had buoyed earnings in the respective year-ago periods.

Net profit for the quarter ended Dec 31, 2015 slipped 73 per cent to S$12.34 million.

Revenue rose 19 per cent to S$81.39 million - with improved showing from the property developmen…