Oxley Q4 net profit dives 81% on lower revenue

SINGAPORE - Oxley Holdings' net profit dived 81 per cent to $25.59 million for the fourth quarter ended June 30 from $137.7 million a year ago, the property developer reported on Tuesday (Aug 27).

Q4 revenue fell 57 per cent to $100.43 million, mainly on lower revenue contribution from a project in the United Kingdom. Earnings per share dipped to 0.62 cent from 3.4 cents a year ago.

For the full year, net profit was $146.29 million, halved from $285.03 million in the previous year. Revenue was down 42 per cent to $686.07 million, compared with $1.19 billion in FY2018.

Earnings per share for the full year was 3.58 cents, down from 7.27 cents a year ago.

As at June 30, the group had total unbilled contract value of $3.9 billion, of which about $2.2 billion was attributable to projects in Singapore and about $1.7 billion attributable to overseas projects.

Having sold its interest in Oxley Beryl and the commercial and residential developments in Dublin Landings, the group is on track to reduce its borrowings and gearing ratio and in further good position to make its upcoming bond repayment, it said in a press statement.

Oxley is recommending a final dividend of 0.68 cent for the financial year. Together with an interim dividend of 0.32 cent that was paid in May, the full-year dividend for FY2019 is one cent per share.

Last year, it paid out a final dividend of 0.78 cent.

Oxley shares closed flat at $0.305 on Tuesday before the results were posted.