Roxy-Pacific Holdings, the homegrown specialty property and hospitality group, reported net profit for the fourth quarter ended December 31, 2011 fell 5% from a year ago to $11.41 million.
Revenue fell 11% at $42.11 million.
For the full year ended December 31, 2012, Roxy-Pacific posted a net profit of $49.66 million, up 16% from 2010. This was despite a 15% slip in revenue for the full year to $183.65 million.
The group’s bottomline was lifted up by an increase in other operating income to $24.9 million in FY2011 from $10.4 million a year ago due to higher fair value gains on retail shops in Roxy Square and the transfer of Kovan Centre from investment property to development property.
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