Oxley’s net profit more than tripled to $51.2m in Q3

Thanks to hefty disposal gains.

Mainboard-listed property developer Oxley Holdings reported that its net profit surged 329% to $51.2 million in the first quarter, on back of a $25.7 million disposal gain and substantial revenue recognition from eight projects. Rental income from its investment properties also boosted the group’s performance in Q1.

During the quarter, the group recognised revenue from sold units in eight residential and mixed-residential projects in Singapore namely, Oxley Edge, The Promenade@Pelikat, Vibes@Upper Serangoon, NEWest, Floraville/Floraview/Floravista, KAP & KAP Residences, The Rise@OxleyResidences, and Devonshire Residence.

Oxley has declared an interim dividend of 0.40 Singapore cent per ordinary share.