See how Roxy-Pacific earnings almost doubled to S$161.1m

"Prudent approach" to site development credited.

Roxy-Pacific Holdings Limited announced a near doubling in net profit after tax to S$16.1 million for the period ended September 30, 2013 (3Q2013) from S$8.2 million in the previous corresponding period (3Q2012).

Revenue grew 76% to S$76.7 million. Share of profit of associates more than tripled to S$2.7 million. Progress billings of S$1.1 billion to be recognised from 4Q2013. Landbank for development grew to a sizeable total attributable gross floor area of 500,103 square foot. Cash and cash equivalents amount to S$346.8 million as of September 30, 2013.

Said Mr Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific: “We are delighted to deliver another impressive quarter in 2013. The almost doubling of earnings in 3Q2013 stems from the Group’s prudent approach towards selecting development sites in Singapore, as well as successfully positioning and launching our development projects in the market.”

“The property development landscape in Singapore is constantly evolving. Not resting on our laurels, we will continue to analyse the different micro-markets in Singapore for a real-time understanding of demand-supply dynamics, to better introduce suitable developments to the market. Whilst Roxy-Pacific has a strong track record of property development in Singapore, we are also ready to take on suitable projects overseas. The prudent entry into overseas markets will lower the Group’s geographical risk and in the long run, bring value to shareholders too.”