Roxy's Q1 profit dives; group to launch six projects in 2016/17

Singapore

ROXY-Pacific Holdings' first-quarter net profit attributable to equity-holders shrank 79 per cent to S$9.89 million from the same year-ago period.

Revenue for the three months ended March 31, 2016, eased 48 per cent to S$102.98 million. Roxy said that revenue from the property development segment, which made up 86 per cent of the group's turnover in Q1 FY2016, declined 52 per cent to S$88.3 million in Q1 FY2016 from S$184.3 million in Q1 FY2015. The drop was due chiefly to an absence of revenue recognition following the completion of Centropod@Changi, a commercial development that obtained its Temporary Occupation Permit in Q1 2015. The decrease was partly offset by revenue recognised from the Whitehaven, Trilive and LIV on Sophia developments in 2016.