Property developer Roxy Pacific has doubled its profit in the fourth quarter.
Profit for the three months ended December soared 104 per cent to S$5.9 million on higher sales growth in the group’s property development division. Revenue over the same period rose 47 per cent to S$44 million.
However, the improvement in turnover was offset by a 16 per cent decrease in revenue from the group’s hotel ownership segment, as compared to the previous corresponding quarter last year.
Going forward, Roxy’s executive chairman and CEO Teo Hong Lim said the firm’s focus will remain on the residential property segment. And to that end, Roxy already secured six development sites for about S$206 million last year.
Mr Teo added that the group still has a strong pre-sale revenue that has yet to be recognised.
For the full year 2009, the group’s revenue rose 26 per cent to S$163.5 million on the back of residential units sales worth S$180 million.
Source : Channel NewsAsia – 18 Feb 2010
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