Roxy-Pacific Holdings warned Friday it expected its third quarter profit to be lower on-year, based on a preliminary review of its unaudited financial statements.
In a filing to SGX, the developer pointed to four causes for the decline:
- The 231-unit Sydney residential development project, West End Residences, faced a delay in getting its interim occupancy certificate,
- Higher finance cost for local development projects launched this year,
- A lower share of results of associates, and
- higher depreciation due to the beginning of full hotel operations last year at NoKu Maldives.
Roxy-Pacific said it has obtained the interim occupancy certificate for West End Residences on 10 October, with revenue set to be recognized in the fourth quarter upon settlement of payments from buyers.
Nearly 97 percent of the West End Residences units have been sold, the filing said.