Roxy Pacific revenue crashes by 55% for FY 2020

The loss is attributed to impairments of hotel assets and properties.

Property and hospitality group Roxy Pacific Holdings Limited's revenue crashed from $444.03m in 2019 to $198.4m in 2020, a -55% YoY change, according to the company’s unaudited full-year financial statements and dividend for the financial year ended 31 December 2020.

Gross profit fell by 69%, a drop from $106.19m in 2019 to $33.294m in 2020. Gross profit from the Property Development segment contributed $17.4m, or 52% of the group’s total gross profit in FY2020 whilst the remaining 48%, or $15.9m, was contributed by the Hotel Ownership and Property Investment segments.

The net loss attributable to equity holders for 2020 was estimated to be at $29.5m.

According to the firm, the lower revenue was mainly due to lower revenue from the Property Development and Hotel Ownership segments. Some properties under Roxy Pacific’s portfolio are RV Altitud, Neu at Novena, and Wilshire Residences.

The company said the economic outlook remains challenging for the year ahead and noted that the prolonged COVID-19 pandemic is expected to adversely impact its operational performance.

“Despite all the challenges, the Group will continue to monitor the evolving pandemic situation and adjust and react proactively with appropriate countermeasures to minimise financial impact for the financial year ending 31 December 2021. Barring any unforeseen circumstances, the directors expect the Group to be profitable in the financial year ending 31 December 2021,” Roxy Pacific said.