http://www.businesstimes.com.sg/prem...rofit-20130830

Published August 30, 2013

Project bonanza jacks up Oxley's revenue, profit

By Ven Sreenivasan [email protected]


OXLEY Holdings, which has built up a reputation in the shoe-box and commercial property segment, lifted its topline and bottomline multi-fold as it started to recognise inflows from the more than two dozen projects it launched over the past year.

The company boosted its net profit attributable to equity-holders to $38 million for the fourth quarter ended June, up from $1.7 million a year ago. Including non-controlling interests, net profit was $67.2 million, up from $2.9 million.

Topline revenue for the quarter was $277.3 million, compared with $37.5 million a year earlier, as it recognised revenue from property development projects such as Oxley Bizhub 2 and Arcsphere (on completed contract method), as well as residential projects Viva Vista, RV Point, Loft@Holland, Vibes@Kovan, Devonshire Residences, Suites @Braddell, Vibes@East Coast, The Promenade @Pelikat, Vibes@Upper Serangoon and Presto @Upper Serangoon (using the percentage of completion method).

For the full year, Oxley raked in $69.1 million net profit attributable to equity-holders, up from $16.9 million. Including non-controlling interests, net profit was $103.9 million, up from $23.7 million. This came on the back of a 187 per cent leap in sales to $457.7 million, from $159.4 million.

The company proposed a final dividend of 0.6 cent a share.

To date, Oxley has launched 27 projects islandwide, of which 21 are completely or almost completely sold out. In recent months, it has also ventured into potential projects offshore.

Oxley shares closed trading yesterday at 36.5 cents, up 1.5 cents.