Blame it on absent profit recognition from a sale.
Hurt by an absence of profit recognition from a recent sale, Roxy-Pacific Holdings’ net profit tumbled 12% YoY to $85.2m in FY15.
According to the company’s media release, Roxy-Pacific did not see profit recognition from its sale of strata retail floors at 6 Russell Street, Hong Kong as all 21 floors were sold in the first half of 2015.
Meanwhile, revenue for the year surged 45% to $460.9m thanks to higher revenue from both the property development and property investment segments of the group. This was offset partially, though, by a marginal pullback in revenue from the group’s hotel ownership arm.
Looking forward, the group is intent on launching new project in 2016.
“Locally, we do see opportunities for freehold developments in choice locations and will prudently acquire suitable land banks. For overseas projects where we have gained experience, we will continue to seek investments with high yield potential,” said Teo Hong Lim, Roxy Pacific’s executive chairman and CEO.
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