NICHE developer Oxley Holdings' net profit in the second quarter more than doubled to $25.1 million from $11.4 million.
Revenue for the three months to Dec 31 rose by 238 per cent to $202.2 million.
The sharp rise was mainly driven by revenue recognition, based on completion of construction method, from the group's 131-unit commercial and industrial development, The Commerze@Irving.
Revenue was also recognised from progress made in the construction of 12 mixed-residential projects including Viva Vista, RV Point, Loft@Holland, Devonshire Residences and NEWest.
Other income fell by $1.12 million, mainly due to a decrease in rental income of $1.10 million.
The increase in interest income of $290,000 was mainly attributed to the increase in late payment interest and fixed deposit interest income.
Other credits rose by $17.34 million mainly due to increase in foreign exchange adjustment gains of $17.4 million, largely arising from loans in overseas subsidiaries denominated in non-functional currency. This was partly offset by decrease in customer deposit fortfeited of $60,000.
Earnings per share climbed to 0.85 cent from 0.42 cent while net asset value per share firmed to 16.87 cents compared to 8.1 cents as at June 30.
For the half year, net profit jumped to $275.9 million from $18 million previously on the back of a 709 per cent rise in revenue to $888.2 millon.
Consequently, half year earnings per share rocketed up to 9.36 cents from 0.67 cent in the same period last year.
The dramatic improvement in bottom-line was mainly achieved by profits recognition from the group's 728-unit industrial development, Oxley Bizhub and The Commerze@Irving.
Profit was also recognised from progress made in the construction of 12 mixed-residential projects mentioned earlier.
A second interim dividend of 0.3 cent a share was declared, up from 0.1 cent last year.