Boutique developer Oxley Holdings reported its net profit plunged by 92 per cent to $1 million in the third quarter.

This was despite a 46 per cent rise in revenue for the three months to March 31 to $103.1 million.

Higher revenue was mainly driven by revenue recognition, using the percentage of completion method, from progress made in the construction of 12 mixed-residential projects.

The company saw its finance costs ballooned to $9.9 million from $1.9 million previously, mainly due to increase in interest on medium term notes of $7.4 million and increase in amortisation of medium term notes issue expenses of $710,000, partly offset by the decrease in interest from bank borrowings of $180,000.

Earnings per share slumped to 0.03 cent from 0.45 cent previously while net asset value per share grew to 13.9 cents compared to 8.1 cents as at June 30.