Oxley posts 74% dip in Q4 earnings but stellar full-year results

SINGAPORE - Lower revenue in the quarter ended June 30 caused property developer Oxley Holdings' net profits to drop 74 per cent from a year ago.

The Singapore-listed developer said earnings for its fourth quarter fell to $9.8 million from $38.0 million a year ago, as revenue slid 70 per cent to $82.9 million.

But its net profit for the full year ended June 30 quadrupled as it recognised more revenue from two industrial projects and a host of residential developments.

Full-year earnings for the developer jumped to $286.7 million from $69.1 million a year ago, while revenue more than doubled to $1.1 billion from $457.7 million over the same period.

The performance was mainly driven by the completion of Oxley BizHub and The Commerze@Irving, which received their temporary occupation permits in the first half of this year, Oxley said.

The company also recognised revenue from mixed-residential projects including Viva Vista, RV Point, Loft@Holland, Vibes@Kovan, and Vibes@East Coast.

The full-year results "reflect the group's ability to manage a diversified portfolio of residential, commercial, and industrial projects that spans across geographies, as well as our ability to handle large-scale projects", said Oxley's chairman and chief executive Ching Chiat Kwong.

Shareholders can look forward to a final dividend of 0.18 cents per share.