Roxy-Pacific Holdings, the homegrown specialty property and hospitality group, today announced a 104% increase in net profit after tax to $5.9 million for the fourth quarter ended December 31, 2009 (4QFY2009).

This was largely driven by a 47% increase in revenue to $44.1 million for 4QFY2009, resulting from a strong 87% rise in revenue to $33.5 million from the group’s Property Development segment.

Revenue from the group’s Property Development segment rose 87% in 4QFY2009 to $33.5 million. This increase was largely due to the progressive recognition of revenue from more development projects as compared to the corresponding quarter last year. The group recognised revenue from nine development projects namely, The Marque@Irrawaddy, The Azzuro, The Verte, The Adara, The Ambra, The Ambrosia, The Florentine, Nova 48 and Nova 88 in 4QFY2009. This segment accounted for 76% of the group’s revenue.

The remaining 24% of the group’s turnover in 4QFY2009 was attributable to the group’s Hotel Ownership and Property Investment segment. Revenue from the Hotel Ownership segment decreased by 16% to $9.9 million in 4QFY2009 from $11.7 million in 4QFY2008.

This was due to a decline in the group’s average room rate (“ARR”) at the Grand Mercure Roxy Hotel by 24% to $141.1, in line with the overall hotel industry performance. The hotel’s average occupancy rate (AOR), however, increased from 87.9% in 4QFY2008 to 93% in 4QFY2009. Overall, revenue per available room (RevPar) decreased by 20% from $163.3 in 4QFY2008 to $131.2 in the current quarter.

Revenue from the Property Investment segment improved significantly by 114% for the current quarter compared to 4QFY2008. The increase was mainly due to the recognition of rental from Kovan Centre and increased rental yield from shop units at Roxy Square.

For the full year, Roxy-Pacific says the group recorded a 26% increase in turnover to $163.5 million from $130.1 million in FY2008. Sales from the group’s Property Development division registered the highest growth at 55% to $124.1 million. Hotel Ownership recorded a 23% decline to $37.5 million as a result of the decline in Average Occupancy Rate and Average Room Rate; while Property Investment grew 46% to $1.9 million mainly due to the recognition of rental from the group’s retail shop units at Kovan Centre from September 2009, as well as an overall increase in rental yield from shop units at Roxy Square.

Driven mainly by higher sales and lower overall expenses, pre-tax profit was up 19% to $36.2 million in FY2009.

The group owns 88 retail shops at The Roxy Square Shopping Centre and Kovan Centre, with one shop unit used as its offices at Roxy Square Shopping Centre.