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Roxy-Pacific Q4 net profit falls 27% to S$5.93m

PROPERTY group Roxy-Pacific Holdings on Thursday posted a 27 per cent year-on-year drop in net profit to S$5.93 million for the fourth quarter ended Dec 31.

Meanwhile, revenue declined 29 per cent to S$30.83 million, mainly due to lower revenue from the property development segment owing to the absence of revenue recognition from Trilive following its TOP in June last year, as well as lower revenue from Straits Mansions following its TOP last October.

Earnings per share for the quarter clocked 0.45 Singapore cent, a decline from 0.62 cent a year ago.

For FY2018, net profit was 22 per cent lower at S$23.87 million as revenue dropped 46 per cent from a year ago to S$132.86 million. Topline was weaker on the back of lower revenue from the property development and property investment business segments.

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In January, two of its developments, RV Altitude and Fyve Derbyshire in the prime River Valley and Thomson vicinities, were among the first to be launched in the market this year. 15 per cent of the 140-unit RV Altitude and 14 per cent of the 71-unit Fyve Derbyshire have been sold, according to its financial statements.

The company plans to launch its four other remaining development sites - mainly freehold in prime districts - for sale in the next few quarters, depending on market conditions.

The board has proposed a final cash dividend of 0.705 Singapore cent per share, payable April 26.

Roxy-Pacific shares closed unchanged at 42 Singapore cents on Thursday.