Roxy-Pacific Q4 net profit falls 39% on lower revenue recognition in property development

LOWER contribution from revenue recognition of some property developments eroded results for Roxy-Pacific Holdings in its fourth quarter.

Net profit fell 38.9 per cent to S$7.3 million from the previous year, the group said in a Singapore Exchange filing on Tuesday evening.

For the three months ended Dec 31, revenue plummeted 53.5 per cent to S$43.3 million from the previous year. The decrease in revenue 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 4Q2016 and early 2017, the company said.

Earnings per share sank to 0.61 Singapore cent from one Singapore cent in the previous year. Net asset value per share edged up to 42.16 Singapore cents as at Dec 31, from 41.2 Singapore cents a year ago.

Dividend per share rose to 0.771 Singapore cent from 0.542 Singapore cent in the year-ago period.

Roxy-Pacific Holdings shares finished S$0.01 or 1.8 per cent higher at S$0.565 on Tuesday, before the results were announced.