reporter2
31-08-12, 11:35
http://www.businesstimes.com.sg/archive/friday/premium/companies/others/oxleys-full-year-profit-rises-26-despite-weak-q4-20120824
Published August 24, 2012
Oxley's full-year profit rises 26% despite a weak Q4
By Teo Si Jia
DESPITE a 73 per cent decline in fourth-quarter earnings to $1.67 million, property developer Oxley Holdings Limited managed to record a 26 per cent improvement in profit to $16.9 million for the fiscal year ended June 30.
Q4 revenue rose 16 per cent from the previous year to $37.54 million, thanks to a recognition of sales of its property development projects, but this was offset by higher costs incurred.
Finance costs rose more than five-fold to $1.52 million from $301,000, while administrative expenses jumped 44 per cent to $3.51 million from a year earlier.
Revenue for the full year more than doubled to $159.37 million from $70.85 million previously, on the back of the completed sale of all its units in Parc Somme, Viva Vista and RV Point, among others.
Earnings per share were 0.11 cent for Q4, down from 0.42 cent a year earlier. Full-year earnings per share were 1.14 cents, up from 0.94 cent. Net asset value improved to 9.42 cents, from 8.83 cents the previous year.
Oxley had acquired a site each at East Coast Road and Joo Chiat Road, and a 50 per cent stake in Hougang Plaza.
"FY 2012 was a fruitful year for Oxley, in that we made significant progress in the construction of a number of projects. All residential projects that we launched were well received, as were our commercial and industrial projects," said Oxley's executive chairman and CEO, Ching Chiat Kwong.
As at Aug 23, the company fully sold 14 of its 20 residential, commercial and industrial projects, with a couple more nearing full sales.
Its property development projects and rental income from The Corporate Office at Robinson Road are expected to contribute positively to revenue in the next 12 months.
Performance during this period will still be vulnerable to cooling measures in Singapore's property market and its economic growth, it said.
The group has proposed to raise its final dividend to 0.47 cent from 0.45 a year ago.
The counter gained 0.5 cent yesterday to close at 40 cents.
Published August 24, 2012
Oxley's full-year profit rises 26% despite a weak Q4
By Teo Si Jia
DESPITE a 73 per cent decline in fourth-quarter earnings to $1.67 million, property developer Oxley Holdings Limited managed to record a 26 per cent improvement in profit to $16.9 million for the fiscal year ended June 30.
Q4 revenue rose 16 per cent from the previous year to $37.54 million, thanks to a recognition of sales of its property development projects, but this was offset by higher costs incurred.
Finance costs rose more than five-fold to $1.52 million from $301,000, while administrative expenses jumped 44 per cent to $3.51 million from a year earlier.
Revenue for the full year more than doubled to $159.37 million from $70.85 million previously, on the back of the completed sale of all its units in Parc Somme, Viva Vista and RV Point, among others.
Earnings per share were 0.11 cent for Q4, down from 0.42 cent a year earlier. Full-year earnings per share were 1.14 cents, up from 0.94 cent. Net asset value improved to 9.42 cents, from 8.83 cents the previous year.
Oxley had acquired a site each at East Coast Road and Joo Chiat Road, and a 50 per cent stake in Hougang Plaza.
"FY 2012 was a fruitful year for Oxley, in that we made significant progress in the construction of a number of projects. All residential projects that we launched were well received, as were our commercial and industrial projects," said Oxley's executive chairman and CEO, Ching Chiat Kwong.
As at Aug 23, the company fully sold 14 of its 20 residential, commercial and industrial projects, with a couple more nearing full sales.
Its property development projects and rental income from The Corporate Office at Robinson Road are expected to contribute positively to revenue in the next 12 months.
Performance during this period will still be vulnerable to cooling measures in Singapore's property market and its economic growth, it said.
The group has proposed to raise its final dividend to 0.47 cent from 0.45 a year ago.
The counter gained 0.5 cent yesterday to close at 40 cents.