Roxy-Pacific posts record S$92.2m net profit in FY2013

Pushed up by stellar fourth-quarter performance.

Property and hospitality group Roxy-Pacific Holdings Limited (Roxy-Pacific) has announced a record net profit of S$92.2 million for the full year ended December 31, 2013 (FY2013) and a record net profit of S$44.8 million in the fourth quarter ended December 31, 2013 (4Q2013), on the back of higher profit contribution from the Property Development segment.

This was achieved on the back of strong revenue growth, surging 94% to S$369.0 million in FY2013, as compared to S$190.6 million for the full year ended December 31, 2012 (FY2012). Revenue from the Property Development segment in FY2013 jumped 131% to S$321.0 million from S$138.7 million in FY2012 largely due to the recognition of revenue from WIS@Changi coupled with seven other development projects namely Treescape, The MKZ, Spottiswoode 18, Jupiter 18, Space@Kovan, Jade Residences and Whitehaven. Overall, this segment contributed 87% of the Group's turnover in FY2013.

Said Mr Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific: “We are delighted to have achieved a record net profit for FY2013. This is the result of a dedicated team here with a shared and strong focus on the delivery of quality of developments and services.

“We remain firmly attuned to the dynamic and changing property landscape in Singapore, and will be very selective in identifying suitable sites that will appeal mainly to the mid to mass market segments.

“At the same time, we will continue to look for opportunities to work with experienced JV partners who complement our strengths and provide the relevant synergies. This is especially so as we broaden our geographical reach. After our recent entry into Malaysia, we’ve made our second move abroad, this time into a mixed-development property asset comprising predominantly serviced apartments. This property has a total gross floor area of approximately 99,076 sq ft and is located at No. 8 Russell Street, Causeway Bay, Hong Kong, opposite Times Square, a vibrant shopping and entertainment complex. Going forward, we are also looking into investment opportunities in Sydney, Melbourne, London and Phuket as we expand our business overseas.”

Added Mr Teo, “With a healthy balance sheet and strong cash position, we will draw on our financial flexibility to prudently source for suitable projects both locally and in overseas markets. We firmly believe in geographical diversification as a good growth strategy for our asset portfolio and to enhance shareholder value.”