Roxy-Pacific Holdings, the homegrown specialty property and hospitality group, today reported a 42% jump in net profit to $8.9 million for the third quarter ended September 30, 2010 (3Q2010) from $6.3 million in the previous corresponding period (3Q2009).

This increase was on the back of a 41% surge in revenue to $53.1 million in 3Q2010, driven mainly by a sharp 44% rise in revenue to $40.5 million from the group’s Property Development segment.

The group registered a 41% growth in revenue to $53.1 million in 3Q2010 from $37.6 million in 3Q2009. The improvement in turnover was a result of a 44% increase in revenue from its Property Development segment as well as a 86% surge in revenue from its Property Investment segment. The group’s Hotel Ownership segment also reported a 31% increase in revenue in 3Q2010 due to an increase in both the average occupancy rate (AOR) and average room rate (ARR).

The 44% increase in revenue from the group’s Property Development segment in 3Q2010 to $40.5 million was largely due to the recognition of revenue from Nova 88, Nova 48 and The Lucent in 3Q2010 as the result of commencement of construction of these projects in 4Q2009. The group recognised revenue from seven development projects namely, The Azzuro, The Verte, The Ambrosia, The Florentine, Nova 48, Nova 88 and The Lucent in 3Q2010. This segment contributed to 76% of total group revenue in 3Q2010.

The remaining 24% of the group’s turnover in 3Q2010 was attributable to the group’s Hotel Ownership and Property Investment segments. Revenue from the Hotel Ownership segment increased 31% to $11.7 million in 3Q2010. The hotel’s AOR improved from 87.8% in 3Q2009 to 94.8% in 3Q2010. Its ARR was also up 28.5% to $177.0 in 3Q2010 as compared to $137.7 in 3Q2009. Overall, the group’s revenue per available room (RevPar) increased by 38.7% from $120.9 in 3Q2009 to $167.7 in the current quarter.

Revenue from the group’s Property Investment segment improved significantly by 86% for the current quarter compared to 3Q2009. The increase was mainly due to the recognition of rental income from Kovan Centre and increased rental yield from the renewal of leases for some of the group’s shop units at Roxy Square.

Cumulatively, the group achieved revenue of $169.3 million and profit after tax of $30.8 million for the nine months ended September 30, 2010 (9M2010).