The decrease in revenue from property development was largely a result of lower revenue recognition from Jade Residences, Whitehaven, and absence of revenue recognition from LIV on Sophia following the completion of these projects in 4Q16 and early 2017.
SINGAPORE (May 5): Roxy-Pacific Holdings, the property and hospitality group, has announced earnings of $5.9 million for the 1Q ended March, 40% down from $9.9 million a year ago.
Group revenue declined 36% to $65.4 million from $103 million previously on the back of lower contributions from the property development and hotel ownership segments, which fell 41% and 10% respectively to $51.7 million and $10.5 million over the quarter.
