Roxy Pacific's average occupancy rates slip 4.7ppt

But the good news is profit soared 96%.

According to OCBC, the group announced 4Q12 PATMI of S$23.3m, up 96% YoY mostly due to S$11.2m of fair-value gains on investment properties.

Excluding one-time gains, we estimate core 4Q12 PATMI at S$13.9m which cumulates to full year earnings of S$48.9m - in line with FY12 estimates.

Topline for the quarter came in at S$56.2m, also up 33% YoY as the pace of revenue recognition from property developments increased. A final cash dividend of 0.92 S-cents is
proposed.

Here's more from OCBC:

The group continues to execute well on launched projects which are now mostly sold out. Progress billings from already sold units now stand at S$861.7m which would underpin earnings from FY13-16.

We expect management to launch remaining projects in its land-bank, including major projects Jade Towers, Westvale Condominium and Sophia Mansions, by 3Q13.

Hotel enhancement to complete by May 13 The hotel segment (Grand Mercure Roxy) continues to put up firm numbers, with bouyant Average Room Rates increasing 6% YoY to S$199.9 in FY12 and driving REVPAR up 1% to S$179.7.

Average Occupany Rates (AOR), however, fell 4.7 ppt to to 89.9% in FY12 as the group conducted asset enhancements.

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