Net profit at Oxley Holdings shot up 329 per cent to $51.16 million for the third quarter, the group reported yesterday. This was on the back of a 33 per cent revenue rise to $202.58 million for the three months to March 31.

The revenue jump was mainly driven by the rental income generated by investment properties and revenue recognised using the percentage of completion method on sold units in seven residential and mixed-use projects in Singapore.

These were Oxley Edge, Vibes@ Upper Serangoon, NEWest, Floraville/ Floraview/ Floravista, KAP and KAP Residences, The Rise @Oxley-Residences and Devonshire Residences, due to progress made in the construction of these developments.

The group has launched 32 projects to date and completed 19 projects, it noted. Some overseas developments it will launch for sale in the current and next quarter include Oxley Towers in Kuala Lumpur City Centre in Malaysia, Min Residences in Yangon, Myanmar, Batam Convention Centre in Indonesia, and retail units in The Bridge in Phnom Penh, Cambodia.

Oxley had acquired its first overseas site in Kuala Lumpur in May 2013.

The firm said the projects expected to obtain their temporary occupation permit in the next 12 months have a total unbilled contract value of $2.05 billion, of which $1.20 billion is from Singapore projects and $0.85 billion from the Royal Wharf project in London.

Earnings per share was 1.74 cents for the quarter, up from 0.40 cent a year earlier. Net asset value per share was 18.37 cents at March 31, up from 15.96 cents at June 30.

An interim dividend of 0.4 cent per share was declared, compared with none a year earlier.

The counter closed 1.5 cents higher at 44.5 cents. The results were announced after markets closed.