Company Briefs: Oxley Holdings

Oxley Holdings

Oxley Holdings' net profit plunged 81 per cent to $25.6 million for the fourth quarter ended June 30 from $137.7 million a year ago, the property developer reported yesterday.

Fourth-quarter revenue fell 57 per cent to $100.4 million, mainly on lower revenue contribution from a project in Britain.

Earnings per share dipped to 0.62 Singapore cent from 3.4 Singapore cents a year ago.

Net profit for the full year ended June 30 was $146.3 million, halved from $285 million in the previous year.

Revenue was down 42 per cent to $686.1 million, compared with $1.2 billion in FY2018.

Earnings per share for FY2019 came to 3.58 Singapore cents, down from 7.27 Singapore 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 was 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 is in a better position to make its upcoming bond repayment, it said in a press statement.

Oxley is recommending a final dividend of 0.68 Singapore cent for FY2019.

Together with an interim dividend of 0.32 Singapore cent that was paid in May, its full-year dividend amounts to one Singapore cent per share.

Libra Group

Catalist-listed Libra Group said yesterday that it will be unable to continue as a going concern, as stipulated by Catalist rules, due to claims having been filed against two of its subsidiaries.

It said writs of summons have been filed against its wholly owned unit, Cyber Builders, over claims for workplace injuries, equipment rental and provision of services, as well as goods sold and delivered to Cyber Builders.

Cyber Builders has also received demand letters, payment reminders and notices from trade and other creditors, as well as a letter from Maybank Singapore recalling a loan on which Cyber Builders had defaulted.

Cyber Builders and another subsidiary, Libra Building Construction, have been served with claims filed against them in the Small Claims Tribunal, as well as other payment reminders and demand letters.

Libra's board said it is assessing the impact of these matters on the group and will consult legal advisers.

A version of this article appeared in the print edition of The Straits Times on August 28, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe