Roxy-Pacific Holdings has reported revenue of $198.4 million for FY2020 ended Dec 2020, a 55% decrease from $444 million in FY2019. The net loss attributable to equity-holders for FY2020 was $29.5 million, compared to a net profit of $30.3 million in FY2019. Property development segment reported revenue of $165.8 million in FY2020, lower than the $385.9 million reported in FY2019. This was mainly due to the absence of revenue recognition from The Navian, as well as The Hensley and West End Glebe (Sydney) where most of the units’ settlement occurred in 2019. Delays in construction due to Covid-19 also contributed to a lower recognition of revenue. The gross profit for the property development segment was 77% lower at $17.4 million, while gross profit margin fell nine ppt to 10% in FY2020, as there were lower profit margins for some projects in Singapore as well as unexpected project cost escalation for Octavia Killara, a 43-apartment project in Sydney. The Covid-19 pandemic caused a severe disruption to global economic activity and tourism activity, which has challenged Roxy-Pacific’s hotel segment. Revenue from the hotel ownership segment fell 50% to $25.2 million in FY2020 from $50.4 million in FY2019.... Continue Reading