Oxley's net profit slips 7% to $45.7m

Blame the skyrocketing cost of sales.

Property developer Oxley Holdings reported a 7% decrease in net profit for the quarter ending in March, down to $45.7m.

This came after the group revenue soared to $386.5m, compared to the revenue of $202.6m a year ago. The strong revenue came from the recognition of contribution from The Flow, the sales of a mixed-residential development at Joo Chiat Rd., and the handover of certain plots in The Royal Wharf Phase 1A.

However, the strong headline was badgered by the skyrocketing cost of sales, which more than doubled to $294.5m.

Whilst marketing and distribution expenses fell 3% to $2m, administrative expenses jumped 27%to $11.7m, on the back of an increase in property tax, professional fees, withholding tax, salaries and director’s remuneration. Finance cost, on the other hand, fell 20% to 11.5m.