SINGAPORE - Architecture and property firm Rowsley on Friday (July 22) announced a net loss of S$5.29 million for the three months to June 30, a sharp reversal from the S$516,000 profit a year ago.
Earnings weakened amid the ongoing slowdown in Singapore's property market, Rowsley said in its announcement after market close.
Revenue for the period still grew 26 per cent to S$22.32 million, owing mainly to higher contribution of S$4.2 million from its hospitality businesses acquired in Britain last November.
But the new British assets also incurred more costs. Staff costs rose 9 per cent ot S$15.2 million while other operating expenses shot up 75 per cent to S$10.6 million.
In November, Rowsley acquired a 75 per cent stake in football-themed hotel Hotel Football in Manchester, where it is also gearing up for the mixed-use development St Michael's.
The Brexit uncertainties may affect Britain's property market, but the weakening of sterling has also lowered investment costs and may encourage more foreign buyers, Rowsley noted.
Rowsley shares added 0.2 cents or 1.5 per cent to 13.5 cents on Friday.