Thursday, February 21, 2013

Roxy-Pacific profit rises on higher revenue

Feb 21, 2013 -

Local developer Roxy-Pacific Holdings posted record results for FY2012 with net profit rising 13 percent to S$58.3 million, while revenue grew four percent to hit S$190.6 million from the previous year.

The strong performance was largely due to higher revenue from its property development business, especially from projects like Spottiswoode 18, Jupiter 18, Space@Kovan, Treescape and The MKZ.

Meanwhile, earnings per share in Q4 2012 rose 95 percent to 2.44 cents from 1.25 cents in Q4 2011.

Roxy-Pacific’s Executive Chairman and CEO, Teo Hong Lim (pictured), said: “Our strong financial performance was achieved through our focus on good mix of property portfolio comprising residential, commercial and mixed-use developments.”

Despite the recent slew of cooling measures, the group remains upbeat on future developments lined up in the coming years.

The firm’s Group CFO, Koh Seng Geok, told PropertyGuru: “We take the view that our land banks are different from others like (those) 99-year projects in Punggol or Sengkang. The competition is very intense but we have a competitive advantage. We are confident because our land banks were acquired earlier when land costs were much cheaper and our project designs are unique.”

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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