Roxy-Pacific Holdings, the specialty property and hospitality group, announced a 15% increase in net profit to $14.9 million for the second quarter ended June 30, 2011 (2Q2011) from $12.9 million in the previous corresponding period (2Q2010).
The group achieved revenue of $46.7 million in 2Q2011, 16% lower as compared to $55.4 million in 2Q2010. The decline was the result of a 22% decrease in revenue from its Property Development segment, partly offset by 8% increase in revenue from the Hotel Ownership and Property Investment segments in 2Q2011.
But the increase in other operating income from $4.4 million in 2Q2010 to $10.1 million in 2Q2011 as a result of higher fair value gain on its investment properties, the group’s pre-tax profit improved by 9% from $15.7 million in 2Q2010 to $17.2 million in the current quarter.
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