Saturday, August 04, 2012

Roxy-Pacific posts net profit rise

Roxy-Pacific Holdings Limited posted an eight percent growth in net profit to S$17.7 million for the second quarter.

The rise was mainly attributed to a 13 percent uptick in topline to S$52.7 million compared to S$46.7 million in Q2 2011. Improved turnover was buoyed by higher revenue from the group’s property development and hotel ownership segments.

Moreover, gross profit margin for the period climbed six percentage points to 39 percent due to better results from property development and investment ventures.

Pre-tax profit excluding fair value gain rose 74 percent to S$13.3 million from S$7.6 million over the same period last year.

Commenting on the positive results, Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific, said: “We are pleased that the group continued to achieve a second consecutive quarter of steady performance from our balanced business mix.”
On the back of recent acquisitions which boosted its landbank, Roxy-Pacific expects to stand “on a firm grounding to navigate forward”. 

View the original article here

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