Roxy-Pacific posts 78% Q2 profit rise

August 6, 2008
Roxy-Pacific posts 78% Q2 profit rise
By UMA SHANKARI

NEWLY listed property group Roxy-Pacific Holdings said yesterday that
its second-quarter net profit rose 78 per cent to $8.95 million, from
$5 million a year ago, as it continued to book revenue from projects
launched in 2006 and 2007.

Turnover rose 61 per cent to $41.75 million, from $25.95 million.

Property development continued to drive revenue. Representing 69 per
cent of group revenue, turnover from this segment grew 75 per cent to
$28.9 million. Turnover was boosted by progressive recognition of
revenue from six projects - The Treeline, The Montage, St Patrick's
Loft, Axis@Siglap, The Marque@Irrawaddy and The Medley.

Earnings per share rose to 1.41 cents, from Q2 2007's 0.99 cents.

For the first six months of 2008, net profit rose 70 per cent year-on-
year to $13.1 million, from $7.7 million a year earlier. Revenue rose
53 per cent to $65.1 million, from $42.4 million.

'Our property development segment continued to benefit from the
resilient mid-tier and mass markets segments of the Singapore
property market,' said said Teo Hong Lim, chief executive of Roxy-
Pacific.

Pre-sale revenue of $99 million from development projects is to be
recognised in the second half of 2008, the company said.

In the first seven months of 2008, Roxy-Pacific launched six mid-tier
projects, selling 114 of 165 units despite the lacklustre market.
Total sales value of $136.7 million from these units will be booked
from Q4 2008 on, Mr Teo told BT.

The company intends to launch three more residential projects, with
about 170 units in all, by the end of the year - 'market conditions
permitting'.

Roxy-Pacific's shares closed unchanged at 25 cents yesterday. The
company listed on the Singapore Exchange in March 2008, offering its
shares at 30 cents apiece.