Oxley Holdings profit up 26% to $17M

Catalist-listed property developer improved earnings as revenue soared to $159M in FY2012.

In a release, Oxley Holdings Limited said its Group posted a 26% increase in profit attributable to shareholders to $16.9 million for the financial year ended 30 June 2012 (“FY2012”), from $13.4 million in the previous financial year.

This comes on the back of a 125% rise in revenue to $159.4 million in FY2012, as compared to $70.9 million in FY2011.

"Revenue was mainly driven by revenue recognition from the sale of 11 of the Group’s residential projects which have commenced construction, including Parc Somme, which obtained its TOP in May 2012. Revenue was recognised using the percentage of completion method," Oxley Holdings said.

"Profit attributable to shareholders was partly boosted by rental income from The Corporate Office (the site of the future Oxley Tower) at Robinson Road, where most lease obligations were in place prior to its being acquired in February 2011. Rental income amounted to $6.3 million for FY2012, compared to $2.4 million in FY2011," it added.

“FY2012 was a fruitful year for Oxley, in that we made significant progress in the construction of a number of projects. All residential projects that we launched were well received, as were our commercial and industrial projects. These efforts have strengthened Oxley’s position in the industry,” said Mr Ching Chiat Kwong, Executive Chairman and CEO of Oxley.