Oxley posts strong Q4 financial results

Developer Oxley Holdings has turned in sterling fourth-quarter financial results as its projects at home and in its eight overseas markets did well.

Singapore-listed Oxley said net profit for the three months ended June 30 jumped 114 per cent to $73.8 million even though revenue slid 15 per cent to $165 million.

One factor lifting the bottom line was that the cost of sales fell 20 per cent over the same period.

Oxley's executive chairman and chief executive, Mr Ching Chiat Kwong, said: "We made several breakthroughs and milestones in our overseas projects in the United Kingdom, Ireland and Cambodia... and, together with the contributions from the Singapore projects, Oxley has delivered another year of growth."

He added: "Oxley's consistent performance has its roots in our unique value propositions, ability to identify market trends... and our strong execution capabilities."

Full-year net profit jumped 162 per cent to $206 million as revenue rose 40 per cent to $981.3 million.

Quarterly earnings per share rose from 1.17 cents to 2.51 cents while net asset value per share jumped to 26.79 cents as at June 30 from 23.05 cents a year earlier.

Oxley has proposed a final dividend of 0.25 cent a share, down from 0.41 cent a share previously.

Mr Ching added: "With a promising development portfolio, we expect our financial position to continue to improve as the value of the projects are gradually being realised, complemented by high- quality recurring income from investment properties.

"These will give us a strong financial foothold to step up the pace in global expansion, create value with Oxley's expertise and sustain growth in the longer term."

A version of this article appeared in the print edition of The Straits Times on August 29, 2016, with the headline 'Oxley posts strong Q4 financial results'. Print Edition | Subscribe