Rowsley loses $9.95m in Q3

Revenue from its RSP business fell $2.28m.

Real estate firm Rowsley Ltd moved into the red as it lost $9.95m in Q3.

According to its financial statement, revenue rose 6% YoY from $24.6m to $26.17m, due to new revenue of $2.44m from Squire Mech Pte Ltd, which was acquired in August 2016, $1.01m from AC Consortium Pte Ltd, and $0.36m from its hospitality segment. This was offset by RSP revenue which fell $2.28m in the same period.

Operating expenses dipped 4% YoY to $9.25m due to the reduction in marketing and selling expenses.

The share of profit from associated companies fell from $1.07m to $0.35m, as the improved financial performance of RSP India and RSP Malaysia was more significant in the same quarter last year and Squire Mech ceased to be an associated company in August 2016.