Roxy Pacific

Roxy Pacific: Revenues for FY12 increased 4% y/y to $191m, earnings increased 13% to $58.3m. The increase in earnings was due to a 1340% increase in associate income to $4.1m, due to higher revenue recognition from Haig 162 and Nottinghill Suites. NAV per share is at $0.668; Last closing price was at $0.65; slight discount to NAV of 3% Final dividend of 0.92¢ proposed; FY12 total dividends totalled 1.59¢; indicative yield of 2.8% Group cited govt measures are expected to weaken the general market sentiments as buyers are generally cautious. Group will continue to look at joint venture opportunities with reputable and experienced developers as and when opportunities arise.