Oxley posts 74% dip in Q4 earnings but stellar full-year results
SINGAPORE - Lower revenue in the quarter ended June 30 caused property developer Oxley Holdings' net profits to drop 74 per cent from a year ago.
The Singapore-listed developer said earnings for its fourth quarter fell to $9.8 million from $38.0 million a year ago, as revenue slid 70 per cent to $82.9 million.
But its net profit for the full year ended June 30 quadrupled as it recognised more revenue from two industrial projects and a host of residential developments.
Full-year earnings for the developer jumped to $286.7 million from $69.1 million a year ago, while revenue more than doubled to $1.1 billion from $457.7 million over the same period.