Oxley Holdings' revenue soars 49% to $109.8m

Earnings per share also surged 200%.

According to a release, lifestyle property developer Oxley Holdings has reported a 73% rise in net profit attributable to shareholders to $21.3 million for the six months ended 31 December 2012, compared to $12.3 million posted in the previous corresponding period.

The Group also registered a 49% increase in revenue to $109.8 million, versus $73.7 million in 1H12. Earnings per share rose 81% to 0.67 cents, from 0.37 cents a year ago.

For the quarter ended 31 December 2012 (“2Q13”), net profit attributable to shareholders surged 133% to $12.8 million on revenue of $59.8 million, compared to $5.5 million on revenue of $38.0 million in the previous corresponding period.

Earnings per share was 0.42 cents, about 200% higher than the 0.14 cents reported a year ago.

Commenting on the Group’s results, Mr Ching Chiat Kwong, Chairman and CEO of Oxley said, “The results reflect the good progress we have made in the construction of our residential projects, which were all launched to positive response. We are encouraged by this, and will work to continue offering good value through our upcoming projects.”

1H13 saw the Group recognising revenue from construction progress in 13 of the Group’s residential projects, namely Loft@Rangoon, Suites@Katong, Viva Vista, RV Point, Loft@Holland, Vibes@Kovan, Loft@Stevens, Devonshire Residences, Suites@Braddell, Vibes@East Coast, The Promenade@Pelikat, Vibes@Upper Serangoon and Presto@Upper Serangoon.

In contrast, revenue for 1H12 was recognised from 11 projects, one of which received its temporary occupation permit (TOP) in October 2012.

Revenue was recognised based on the percentage of completion method. Net profit, which rose along with the increase in revenue, was partly lifted by rental income of $3.8 million mainly from The Corporate Office (the site of the future Oxley Tower) at Robinson Road, and McDonald’s Place at King Albert Park.

In 2Q13, Oxley entered into a joint-venture with Sunview Pte Ltd and Starview Investment Pte Ltd to acquire a 28,173 sq m, 30-year leasehold industrial land parcel at Sunview Road, taking a 51% stake in the project. It also acquired a 2,381 sq m freehold property at Oxley Rise, which it intends to redevelop into a mixed commercial-cum-residential development.

These acquisitions follow that of two others in the previous quarter, namely a 38,800 sq m industrial land parcel at Tampines Industrial Crescent which the Group intends to re-develop and hold as long-term investment property, and a 251 sq m plot at River Valley Road which the Group intends to re-develop together with four adjacent units which it already owns.