Oxley Holdings third-quarter profit soars 142% to $13.2 million

Nine-month profit also ballooned by 105%.

For the quarter ended 31 March 2013 (3Q13), homegrown lifestyle property developer Oxley Holdings Limited (Oxley) has posted a 142% rise in net profit attributable to shareholders of $13.2 million on revenue of $70.6 million, compared to $5.4 million on revenue of $48.1 million in the previous corresponding period (3Q12). Earnings per share was 0.45 cents, versus 0.20 cents in 3Q12.

The company also reported a 105% rise in net profit attributable to shareholders of $31.2 million for the nine months ended 31 March 2013 (9M13), a significant leap from $15.2 million posted in the previous corresponding period (9M12). The 9M13 earnings has thus also surpassed the $16.9 million recorded for the financial year ended 30 June 2012 (FY12).

Group revenue grew 48% to $180.4 million, versus $121.8 million in 9M12, while earnings per share nearly doubled to 1.12 cents, from 0.57 cents in 9M12.

Commenting on the Group’s results, Mr Ching Chiat Kwong, Chairman and CEO of Oxley said, “This quarter has truly been a record for us. All our projects launched to date have been well received by the market, and with the progress made in the construction of the residential developments, we can now begin to reap the fruits of our labour.”

The Group’s 3Q13 revenue saw contributions from 10 of the above 13 projects, with Loft@Stevens, Loft@Rangoon and Suites@Katong having achieved TOP status earlier on. Net profit, which rose in line with the increase in revenue, was boosted by rental income from The Corporate Office and McDonald’s Place at King Albert Park, where tenants are serving lease obligations which were in place prior to the Group’s acquisition of these two commercial properties.

Revenue for 9M13 was driven by construction progress made in 13 of the Group’s residential projects, namely Loft@Rangoon, Suites@Katong, Viva Vista, RV Point, Loft@Holland, Vibes@Kovan, Loft@Stevens, Devonshire Residences, Suites@Braddell, Vibes@East Coast, The Promenade@Pelikat, Vibes@Upper Serangoon and Presto@Upper Serangoon. Revenue was recognised based on the percentage of completion method.

In light of its positive performance, the Group has proposed an interim, one-tier tax exempt cash dividend of 0.1 cent per ordinary share. Total dividend payable amounts to approximately $2.95 million.

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