Roxy-Pacific Holdings, the homegrown specialty property and hospitality group, says it has achieved a 11.1% growth in net profit to $10 million in the quarter ending March 31, 2011 (1Q2011) from $9 million in the previous corresponding period (1Q2010) despite a 17% decline in revenue.
The higher net profit is in line with gross profit margin improvement by 4 percentage points from 28% to 32% on the back of an increase in gross profit margin from both Property Development and Hotel Ownership segments.
For the quarter ending March 31, 2011 (1Q2011), the group recorded a drop in revenue to $50.4 million in 1Q2011 from $60.9 million in 1Q2010. The decrease in turnover was due to a 24% decrease in revenue from its Property Development segment, partly offset by a 13% increase from its Hotel Ownership segment and a 10% increase in revenue from its Property Investment segment.
The group also recorded a stronger balance sheet with a 109% increase in cash and cash equivalents to $211.7 million in 1Q2011.
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