Rowsley sinks into 2Q net loss of $5.3 mil on higher costs and expenses

SINGAPORE (July 22): Property group Rowsley sunk into losses of $5.3 million, or loss per share of 0.114 cents, in the 2Q16 ended June from a profit of $516,000 a year ago.

Group revenue was 26% higher at $22.3 million compared to 2Q15, mainly due to higher contribution of $4.2 million from the UK hospitality businesses acquired in November last year, and now accounting for about 18% of group revenue.

RSP, Rowsley’s architectural, engineering and master planning consultancy, saw a slight increase of 2% in its revenue to $18.1 million, with overseas revenue offsetting a decline in its Singapore business.

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