Roxy-Pacific Holdings Limited (Roxy-Pacific) net profit surged 16 percent to S$49.7 million for the financial year (FY) ending 31 December 2011, backed by S$183.7 million in revenue.
The group posted a nine percent growth in revenue from its hotel ownership segment, attributed to an improved AOR of 94.6 percent and ARR of S$188.3.
However, this was offset as its core property development fell by 22 percent, following an absence of revenue from The Adara, The Ambra and The Ambrosia (pictured). Its property investment segment's revenue also fell by 19 percent with the redevelopment of Kovan Centre.
Nonetheless, Roxy-Pacific's bottomline was lifted to S$24.9 million in FY2011 from S$10.4 million in FY2010, attributed to higher fair value gains from their retail shops in Roxy Square, as well as Kovan Centre's transition from investment property to development property.
"Though the property environment remains challenging, I am delighted that we have achieved positive full-year bottom-line performance. Our strong fundamentals coupled with prudence in building up a mixed and balanced portfolio comprising residential, commercial and mixed-use developments have paid off," said Teo Hong Lim, Executive Chairman and CEO at Roxy-Pacific.
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