Roxy-Pacific’s Q2 profit up 37%

Property developer Roxy-Pacific said its second quarter net profit rose 37 per cent to S$12.8 million on the back of a 27 per cent growth in revenue to S$55.4 million.

Roxy said the improvement in turnover was a result of a 25 per cent increase in revenue from its Property Development segment, as well as a 145 per cent surge in revenue from its Property Investment segment.

The group’s Hotel Ownership segment reported a 27 per cent rise in revenue in the second quarter due to an increase in both the average occupancy rate and average room rate.

The group recognised revenue from eight development projects in the quarter, including The Azzuro, The Ambrosia and The Florentine.

It also obtained a Temporary Occupation Permit for one of its projects, The Adara, in June.

The group’s Property Development contributed 79 per cent of total group revenue in the quarter.

Going forward, Roxy said the balance amount of attributable progress billings to be recognised from its development projects is expected to contribute to the group’s performance from next quarter. The amount is approximately S$227.5 million.

Source : Channel NewsAsia – 4 Aug 2010

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