ROXY-PACIFIC Holdings on Wednesday posted lower net profit for the first quarter ended March 31, despite a near-doubling of revenue as cost of sales soared.
Net profit for the property and hospitality group fell 31 per cent to S$5.3 million from S$7.7 million a year ago, while revenue was up 91 per cent to S$88.5 million from S$46.5 million in the corresponding quarter last year. This was on higher contribution from its property development segment, largely due to the settlement of The Hensley in Q1 2019 and progressive revenue recognition from The Navian. The increase was partially offset by lower revenue from the hotel ownership and property investment segments.
Cost of sales increased to S$67 million from S$31.7 million a year ago, and gross profit margin narrowed to 24 per cent from 32 per cent previously. Roxy-Pacific said this was due to higher contribution from the property development segment, which has a lower profit margin.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
StarHub Q1 net profit falls 14.2% on cybersecurity investment lossesLOSSES in the fledgling cybersecurity business sent earnings tumbling at mainboard-listed telco StarHub in the first quarter, according to unaudited results released on Friday evening. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
HSBC Q1 profit rises 31%, beats estimates[HONG KONG] HSBC Holdings posted on Friday a 31 per cent rise in first-quarter profit, beating estimates, bolstered by a surge in income in its core Asian business and as the London-headquartered bank managed to rein in costs. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Haw Par Corp Q1 net profit up 14.1% to S$22.07mHAW Par Corporation on Wednesday announced that net profit for the first quarter ended March 31 rose 14.1 per cent to S$22.07 million. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Delong warns of lower Q1 profit on lower selling prices, higher costsCHINESE steelmaker Delong Holdings said on Thursday morning that it expects to report a lower first-quarter net profit for the three months ended March 31, mainly due to a decrease in the average selling prices of products as well as higher cost of sales per tonne. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
SembMarine Q1 profit falls 67.8% to S$1.7m on lower revenueLOWER overall business volume which hit the absorption of overhead costs dragged down Sembcorp Marine's (SembMarine) results for the first-quarter ended March 31, 2019. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
GoDaddy quarterly profit falls short of estimates as costs still weighGoDaddy Inc reported first-quarter revenue on Thursday that rose 12.1 percent, as the web hosting company added more customers and earned more on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Broadway Industrial Group warns of likely Q1 net lossMAINBOARD-LISTED precision manufacturer Broadway Industrial Group has warned of an expected first-quarter net loss, in a guidance from the board on Friday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
UOB posts 8% rise in Q1 profit to S$1.05b on stronger income growthUNITED Overseas Bank (UOB) reported higher net profit for its first quarter of 2019, up 8 per cent to S$1.05 billion, from S$978 million for the year-ago period. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Great Eastern Q1 profit more than doubles to S$342.7m on investmentsGREAT Eastern’s net profit for the first quarter more than doubled to S$342.7 million from S$152.9 million a year ago, on the back of higher valuation of its shareholders' fund investments resulting from favourable market conditions. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
US Q1 productivity strongest since 2014, labour costs subduedWASHINGTON: US worker productivity increased at its fastest pace in more than four years in the first quarter, depressing labour costs and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Hi-P posts surprise Q1 earnings growth on lower forex costsMAINBOARD-LISTED contract manufacturer Hi-P International's gross profit took a hit from pricing pressures and product mix, according to first-quarter results released on Thursday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »