Roxy-Pacific posts record Q4 profit

http://www.businesstimes.com.sg/prem...rofit-20130220

Published February 20, 2013

Roxy-Pacific posts record Q4 profit

Higher revenue from property development segment lifts performance

By carine lee


ROXY-PACIFIC Holdings Limited posted record profit for the fiscal fourth quarter and full year ended Dec 31, 2012, backed by higher revenue from its property development segment. The specialty property and hospitality group yesterday said net profit for Q4 nearly doubled to $23.49 million from $11.93 million a year earlier.

"Our strong financial performance was achieved through our focus on a good mix of property portfolio comprising residential, commercial, and mixed-use developments," said chief executive Teo Hong Lim.

Turnover rose 33 per cent year-on-year to $56.19 million from $42.11 million, as a result of the 50 per cent rise in revenue from the property development segment to $44.2 million.

The property development segment contributed 79 per cent of the group's quarterly turnover, with higher revenue from Spottiswoode 18 and Jupiter 18, in addition to recognition of revenue from three new development projects, Space@Kovan, Treescape, and The MKZ.

However, the group's hotel ownership segment posted a 6 per cent slip in turnover to $11.6 million from $12.3 million a year ago.

Roxy said its revenue per available room decreased 11 per cent year-on-year to $161.80, due to the closure of hotel rooms for renovation in phases from September 2012.

Nevertheless, the group managed to keep its overall gross profit margin for the quarter at 38 per cent. Earnings per share (EPS) for the reporting quarter was 2.44 cents, up from a restated 1.25 cents a year earlier.

Full-year net profit increased 13 per cent to $58.45 million, on a 4 per cent climb in turnover to $190.56 million. Full-year EPS was 6.11 cents, up from a restated 5.43 cents a year earlier.

The group has proposed a final dividend of 0.92 cent per share. Together with the interim dividend of 0.67 cent per share, the total dividend for the reporting year will be 1.59 cents per share. Roxy's shares gained two cents to close at 65 cents yesterday.