Property developer Oxley Holdings posted a sterling set of results for the first quarter on Wednesday, with earnings hitting a record high as it recognised revenue from its Oxley Bizhub industrial development.

Its net profit of $250.8 million for the first quarter was about 38 times the $6.6 million earned in the preceding year.

Revenue for the three months to Sept 30 also leapt to $686 million, a surge of 1,271 per cent year-on-year.

Oxley said in a statement that the jump was mainly due to revenue recognition from its 728-unit industrial development Oxley Bizhub. It also recognised revenue from the construction of 10 mixed-residential projects in Singapore.

Earnings per share was 8.51 cents for the quarter, up from 0.25 cents the preceding year.

Net asset value per share was 16.61 cents as at Sept 30, about double the 8.1 cents as at June 30.

Citing its strong performance, Oxley declared an interim one-tier tax exempt cash dividend of three cents per share.

Its share price fell two cents to 43.5 cents on Wednesday.