Property developer Roxy-Pacific Holdings said net profit tumbled 82 percent in the third-quarter due to lower revenue from the property development and hotel ownership segments.
Net profit attributable to shareholders fell to S$1.5 million in the three months ended September 30 from S$8.1 million in the corresponding period last year, the group said in a Singapore Exchange filing on Monday evening.
Revenue dropped 34 percent to S$60.3 million in the quarter.
For the third-quarter, revenue from the Property Development segment, which makes up nearly 80 percent of the Group's turnover, fell 39 percent due to lower revenue recognition from Jade Residences, Whitehaven, LIV on Wilkie and an absence of revenue recognition from LIV on Sophia following the completion of these projects.
Hotel Ownership segment registered a 5.2 percent drop in revenue, dragged down by fall in revenue per available room from the Grand Mercure Singapore Roxy hotel.
Shares in the company fell 4.3 percent to S$0.55 on the Singapore Exchange. The stock has gained 20 percent so far this year.