Roxy-Pacific’s profits climb 17% in Q2

It's pegged at $22.7m.

Roxy-Pacific’s 2Q14 net profit came in at S$22.7m, up 17% YoY due to stronger contributions from its core property development segment.

According to OCBC, 1H14 net profit forms 43.9% of its full year forecast and is judged to be within expectations.

“While the group’s core development business will likely face continued headwinds from an uncertain domestic residential outlook, we like management’s strategy of growing recurring income and diversifying its portfolio geographically. The group also announced yesterday that it has agreed to acquire a land site (940 sqm) and an existing hotel building (GFA 4,780 sqm) in Nakagyo-ku, Kyoto-City, Japan for ¥2,264m (S$27.5m). In addition, an interim dividend of 0.616 S-cent per share has been proposed,” noted OCBC.