Developer Roxy-Pacific Holdings reported 17% rise in Q2 net profit

SINGAPORE - Roxy-Pacific Holdings reported a 17 per cent rise in second-quarter net profit to $22.7 million.

Revenue for the three months to June 30 was up 49 per cent at $102.6 million, compared with a year ago, due to higher revenue from property development and the property investment segments.

Property development contributed an 88 per cent share or $90.7 million to total group turnover.

The hotel segment contributed 11 per cent to group turnover.

The average occupancy rate of Grand Mercure Roxy Hotel increased to 89 per cent, up from 83.8 per cent in the same period last year.

Earnings per share for the quarter was 1.9 cents, up from 1.63 cents previously while net asset value per share grew to 29.49 cents, compared with 27.62 cents as at Dec 31.

Chief executive Teo Hong Lim, said in a statement: "Our strong performance continued to be led by our core property development segment, with 12 of 16 projects in Singapore substantially sold.

"We recognise that the market conditions are challenging and differentiation of our developments, coupled with innovative marketing initiatives and attractive pricing, will provide a competitive edge."

It declared an interim dividend of 0.616 cent per share, to be paid on Aug 28.

Roxy-Pacific shares closed flat at 57 cents.