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REAL estate developer Roxy-Pacific Holdings' net profit rose 53 per cent in the second quarter to S$19.9 million as fair value gains from Sydney investment property gave a boost to a more modest top line.
On a per-share basis, net profit was 1.67 Singapore cents for the three months ended June 30, up from 1.09 Singapore cents a year earlier. Net earnings for the half-year period was however down 50 per cent at S$29.8 million, or 2.5 Singapore cents per share.
Roxy-Pacific is declaring an interim dividend of 0.503 Singapore cent per share.
Other operating income almost quadrupled during the quarter to S$18 million from a year-ago S$4.6 million, mainly due to a higher fair value gain on investment property in Sydney.
That helped to lift the bottom line after gross profit increased by 18 per cent to SS$19.5 million. Revenue during the quarter increased by 5 per cent to S$98.4 million.
The company's net asset value increased to 39.41 Singapore cents per share as at end-June 2016 from 38.34 cents per share as at end-December 2015.