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Roxy-Pacific Q3 net profit down 81.5% to S$1.5m

ROXY-PACIFIC Holdings has posted an 81.5 per cent year-on-year decline in third-quarter group net profit to S$1.5 million from the preceding year, the group said in a Singapore Exchange filing on Monday evening.

For the three months ended Sept 30, revenue fell 33.7 per cent to S$60.3 million from the previous year.

The property and hotels group said that for Q3 FY2017, revenue from the property development segment, which contributed 77 per cent of the group's turnover, decreased 39 per cent to S$46.5 million from S$76.2 million in Q3 FY2016. "The decrease was largely due to lower revenue recognition from Jade Residences, Whitehaven, LIV on Wilkie and an absence of revenue recognition from LIV on Sophia following the completion of these projects in Q4 2016 and early 2017. The decrease was partly offset by higher revenue recognition on construction progress of Trilive," Roxy-Pacific said. These projects are in Singapore.

Overseas, although the group has made good progress in the sales and construction of its projects in Australia, it cannot progressively recognise the revenue as the completed contract method in accounting is adopted for these projects - unlike in Singapore, where revenue from residential projects is booked progressively according to the stages of a project's physical completion.

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Earnings per share eased to 0.13 Singapore cent in Q3 FY2017 from 0.68 Singapore cent in the year-ago period. Net asset value per share edged up to 42.23 Singapore cents as at Sept 30, 2017 from 41.2 Singapore cents nine months ago.

Roxy-Pacific shares ended S$0.005 or 0.9 per cent down at S$0.58 on Monday.