Company Briefs: Roxy-Pacific Holdings

Roxy-Pacific Holdings

Roxy-Pacific Holdings said its third-quarter net profit fell 39 per cent to $8.1 million.

This was despite revenue rising 4 per cent to $90.9 million for the three months to Sept 30, mainly due to an increase in revenue from the property development business.

Revenue from this business segment increased 5 per cent to $76.2 million, largely attributable to higher revenue recognition from Trilive, LIV on Sophia and LIV on Wilkie projects, but partially offset by lower revenue recognition from the Jade Residences and Whitehaven developments.

Earnings per share eased to 0.68 cent from 1.11 cents previously while net asset value per share rose to 40.15 cents, compared with 38.34 cents as at Dec 31.

The group launched the Straits Mansions freehold residential project in Singapore and the eight-storey development The Hensley in Sydney, Australia. Both projects have received a warm reception, selling over 80 per cent of their units shortly after the sales launches in July and June, respectively.


IndoAgri

Palm oil producer IndoAgri returned to the black in the third quarter, with a net profit of 159.2 billion rupiah (S$16 million), compared with a loss of 213.2 billion rupiah in the same period last year.

But this came on the back of biological assets gains and foreign currency gains.

Revenue for the three months to Sept 30 rose by 8.7 per cent to 3.55 trillion rupiah.

The plantation division reported a 7 per cent rise in revenue, on the combined effects of significantly higher selling prices of crude palm oil and palm kernel-related products, and higher sugar sales that more than offset the weaker palm output.

The edible oils and fats division continued to perform well, with revenue growing 29 per cent, mainly due to strong sales volume of edible oil products.

Earnings per share amounted to 114 rupiah against a loss of 152 rupiah previously while net asset value per share climbed to 8,298 rupiah, compared with 8,072 rupiah as at Dec 31.

Looking ahead, IndoAgri noted that agricultural commodity prices remain uncertain on expected recovery in palm and soya bean production, and slower growth in some key markets like China.

Global developments and market conditions remain challenging and unpredictable, it said.

A version of this article appeared in the print edition of The Straits Times on October 29, 2016, with the headline 'Company Briefs'. Print Edition | Subscribe