Sale of 89% of the units at its Royal Wharf project contributed to Oxley’s growth in revenue. (Image: Oxley Holdings Limited)
Oxley Holdings Limited’s revenue soared by 91 percent to S$386.5 million in the third quarter ended 31 March 2017 compared to S$202.58 million in the same period a year ago, revealed a recent SGX filing.
At the same time, its gross profit surged 40 percent to S$92.01 million from S$65.88 million. However, net profit declined by 12 percent to S$45.7 million versus S$52.16 million previously.
Consequently, earnings per share fell by 12 percent to 1.56 cents from 1.77 cents.
For the nine months ended 31 March 2017 (9MFY2017), Oxley’s revenue rose 37 percent to S$1.12 billion versus S$816.25 million in the corresponding period in the prior year.
The growth is attributed to recognition of revenue from two completed commercial projects (Oxley Tower and The Flow), sale of a mixed residential project at Joo Chiat Road and the handover of certain plots in The Royal Wharf Phase 1A in London.
Another contributing factor is the recognition of revenue on the units sold at five mixed-residential projects in Singapore and the healthy rental income from Space@Tampines, an industrial property that is 95 percent occupied following its completion in June 2015.
In 9MFY2017, Oxley’s gross profit jumped 43 percent to S$341.5 million from S$238.04 million a year ago, while net profit increased by 31 percent to S$176.56 million versus S$135.25 million previously.
As a result, earnings per share for the entire nine-month period grew 31 percent to 6.03 cents from 4.59 cents in the nine-month period in the preceding year.
Interestingly, Oxley’s overseas projects have surpassed its local developments in value.
As of 31 March, the group’s total unbilled sales reached S$2.36 billion, of which S$0.39 billion came from Singapore, while around S$1.97 billion was attributable to offshore projects.
In particular, the developer has sold 3,000 homes or 89 percent of the units at its Royal Wharf project in London, while sale in other overseas projects have seen steady progress in the third quarter, including The Bridge and The Peak in Cambodia, as well as Indonesia’s Oxley Convention City.
This article was edited by Denise Djong.