Property developer Roxy-Pacific Holdings said net profit tumbled 26 percent in the second-quarter due to lower revenue from property development and hotel ownership businesses.
Net profit fell to S$14.7 million in the second-quarter from S$19.9 million in the previous year, the group said in a Singapore Exchange filing on Monday evening.
Revenue dropped 21 percent to S$77.8 million in the three months ended June 30.
For the second-quarter, revenue from the Property Development segment, which makes up nearly 80 percent of the Group's turnover, fell 24 percent while Hotel Ownership segment registered a 8 percent drop in revenue.
The Group plans to launch its second self-managed hospitality asset in Maldives by end-2017 with the Phuket resort to follow in 2019, it said in a statement.
Roxy-Pacific launched it's first internally-managed hotel in Kyoto, Japan, under the new Noku Roxy brand, in 2015.
"With the success of Noku Kyoto, we believe we have found our niche and hope to develop this segment into a strong pillar of growth for the Group," Executive Chairman and CEO Teo Hong Lim said.
The board declared an interim dividend of 0.214 Singapore cent per share.
Shares in the company fell 1 percent to S$0.520 on the Singapore Exchange.