Roxy-Pacific Holdings, the specialty property and hospitality group, today announced net profit of $8.2 million for the period ended September 30, 2012 (3Q2012), 38.8% lower compared to the $13.4 million posted a year ago period (3Q2011).
In 3Q2012, the group achieved revenue of $43.6 million in 3Q2012, 2% lower as compared to $44.4 million in 3Q2011. The decline was the result of 4% and 29% decrease in revenue from Property Development segment and the Property Investment segments respectively, partly offset by a 5% increase in revenue from the hotel ownership segment in 3Q2012.
In the Property Development segment, which contributed 69% to group revenue, the group recognised revenue from Straits Residences, Studios@Tembeling, Jupiter 18, Spottiswoode 18, Treescape and Space@Kovan in 3Q2012. For Studios@Tembeling, the TOP status was obtained in July 2012. Overall, revenue in this segment decreased by 4% largely due to absence of revenue from The Azzuro, The Lucent, Nova 48, The Verte and Nova 88.
The remaining 31% of the group revenue in 3Q2012 was attributable to the Hotel Ownership and Property Investment segments. Revenue from the Hotel Ownership increased 5% to $13.1 million in 3Q2012. The hotel’s average occupancy rate (AOR) was 94.5% in 3Q2012 as compared to 96.4% in 3Q2011. Average room rate (ARR) on the other hand, increased by 4% to $200.2 in 3Q2012 from $192.9 in 3Q2011. Hence the group’s revenue per available room (RevPar) increased 2% from $185.9 in 3Q2011 to $189.2 in the current quarter.
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