Oxley's profit slumps 45% to $68.24m in Q2

Revenue from the handover of The Royal Wharf plots was recognised after construction.

Oxley Holdings Limited's (Oxley) profit slumped 45% YoY from $123.18m to $68.24m in Q2.

According to its financial statement, revenue fell 33% YoY from $605.73m to $406.09m mainly due to recognition of revenue using the completion of construction method upon the handover of certain plots in The Royal Wharf Phase 1A and 1B.

Revenue was also recognised using the percentage of completion method on sold units in one mixed-residential project in Singapore namely, The Rise @ Oxley-Residences, due to progress made in the construction of the development.

The revenue also included rental income from investment properties and revenue from hotel operations.

Other losses widened by 173% YoY from $6.1m to $16.67m, whilst profit from associates and joint ventures, however, grew from a loss of $4.46m to $60.58m