SINGAPORE - Boutique developer Oxley Holdings more than doubled its second quarter net profit to S$46 million from S$22.2 million.
Revenue, however, fell by a quarter to $177.8 million for the three months ended Dec 31.
Higher profit was achieved, nonetheless, as its cost of sales fell at a quicker clip, down 39 per cent to S$110.7 million.
Revenue was mainly due to the rental income generated by the investment properties and recognition of revenue using the percentage of completion method from sold units in six mixed-residential projects in Singapore: Oxley Edge, The Promenade@Pelikat, NEWest, Floraville/Floraview/ Floravista, KAP and KAP Residences, and The Rise @ Oxley.
Earnings per share soared to 1.56 cents from 0.75 cent previously while net asset value per share climbed to 17.99 cents compared to 15.96 cents as at June 30.
The company declared an interim dividend of 0.75 cent a share. It did not pay any dividend in the same period last year.