Oxley Holdings FY13 net profit triples to $69.1m

See what drove the 307% increase.

Lifestyle property developer Oxley Holdings Limited has posted a 307% increase in profit attributable to shareholders to $69.1 million for the financial year ended 30 June 2013 (FY2013), from $16.9 million in the previous financial year (FY2012). This comes on the back of a 187% rise in revenue to $457.7 million in FY2013, as compared to $159.4 million in FY2012. Earnings per share was 2.45 cents, versus 0.63 cents a year ago. For the quarter ended 30 June 2013 (4Q13), the Group reported net profit attributable to shareholders of $37.9 million on revenue of $277.3 million, compared to $1.7 million on revenue of $37.5 million in the previous corresponding period (4Q12). Earnings per share was 1.29 cents, versus 0.06 cents in 4Q12.

Mr Ching Chiat Kwong, Executive Chairman and CEO of Oxley said, “FY2013 saw five of our residential and industrial developments achieve their TOP, with the rest of our developments achieving good progress in construction as well. This has helped Oxley chalk up another record financial year."

The surge in FY2013 performance was mainly driven by revenue recognition, based on the percentage of completion method, on construction progress made in 13 of the Group’s mixed-residential projects, as well as revenue recognition, using the completion of construction method, from the completion of two industrial developments, namely Arcsphere and Oxley Bizhub 2. Of the 13 mixed-residential projects, Suites@Katong, Loft@Rangoon and Loft@Stevens obtained their TOP during the financial year.

Profit attributable to shareholders was partly boosted by rental income from The Corporate Office (the site of the future Oxley Tower) at Robinson Road and McDonald’s Place (site of the future KAP / KAP Residences) at King Albert Park, where lease obligations were in place prior to their acquisition. Rental income amounted to $7.6 million for FY2013, a 21% increase from $6.3 million in FY2012.

At the close of FY2013, total shareholder’s equity stood at $238.7 million, compared to $140.2 million a year ago, while net asset value per share was 8.1 cents, versus 5.2 cents in FY2012. Cash and cash equivalents reported was $436.5 million, compared to $205.1 million in FY2012.

In view of its positive performance, Oxley has proposed a final one-tier tax exempt cash dividend of 0.60 cent per ordinary share, for FY2013.

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