SINGAPORE (Oct 31): Roxy-Pacific Holdings’ 3Q18 earnings more than doubled to $4.4 million from its restated earnings of $1.6 million a year ago, as a result of significantly higher gross profit margins largely contributed by the group’s hotel ownership segment.

The bottomline growth came in spite of a 69% y-o-y dip in 3Q revenue to $18.8 million from a restated $60.25 million in the previous year.

This quarter’s revenue decline was due to lower contributions from Roxy’s property development segment, in the absence of revenue recognition from completed projects as well as lower recognition Trilive, which obtained its TOP in June this year.

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