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Roxy-Pacific Holdings, the specialty property and hospitality group, says it registered a 37% rise in profit after tax to $12.9 million in the 2nd half ended June 30 (2QFY2010) from $9.4 million in 2QFY2009. Revenue grew 27% to $55.4 million in 2QFY2010 from $43.7 million in 2QFY2009.
Roxy-Pacific says the improvement in turnover came on the back of a 25% increase in revenue from its Property Development segment as well as a 145% surge in revenue from its Property Investment segment.
The group’s Hotel Ownership segment reported a 27% increase in revenue in 2QFY2010 due to an increase in both the average occupancy rate (AOR) and average room rate (ARR).
Roxy-Pacific says the 25% increase in revenue from the group’s Property Development in 2QFY2010 to $43.6 million was largely due to a higher percentage of recognition of revenue from development projects in the current quarter, due to the progress in construction of these projects.
The group recognised revenue from eight development projects namely, The Azzuro, The Verte, The Adara, The Ambrosia, The Florentine, Nova 48, Nova 88 and The Lucent in 2QFY2010. The Group has obtained TOP for one of its projects, The Adara, in June 2010. This segment contributed to 79% of total group revenue in 2QFY2010.
The remaining 21% of the group’s turnover in 2QFY2010 came from the group’s Hotel Ownership and Property Investment division. Revenue from the Hotel Ownership segment increased 27% to $11.0 million in 2QFY2010. The hotel’s AOR improved from 81.6% in 2QFY2009 to 95.0% in 2QFY2010. Its ARR was also up 16% to $166.2 in 2QFY2010 as compared to $143.5 in 2QFY2009. Overall, the group’s revenue per available room (RevPar) increased by 35% from $117.1 in 2QFY2009 to $157.8 in the current quarter.
Revenue from the group’s Property Investment segment improved significantly by 145% for the current quarter compared to 2QFY2009. The increase was mainly due to the recognition of rental from Kovan Centre and increased rental yield from the renewal of leases for some of the group’s shop units at Roxy Square.
Roxy-Pacific says it expects the group to be profitable in 2010.
