Oxley Holdings profit up 12% to $6.6m

Property developer grew revenues by 40%.

In a release accompanying it 1Q13 results, Oxley explained that its top-line performance was driven by recognition of revenue from the sale of 11 of itsresidential projects, versus eight in 1Q12. The projects are Loft@Rangoon, Suites@Katong. Viva Vista, RV Point, Loft@Holland, Vibes@Kovan, Loft@Stevens, Devonshire Residences, Suites@Braddell, Vibes@East Coast and The Promenade@Pelikat. Revenue was recognised based on the percentage of completion method.

Revenues increased by 40% to $50.0 million, from a net profit attributable to shareholders of $5.9 million on a revenue of $35.7 million for the previous corresponding quarter (“1Q12”). Earnings per share for 1Q13 was 0.44 cents, compared to 0.40 cents in 1Q12.

With three more projects under construction compared to a year ago, property development costs increased by 45% to $38.6 million from $26.7 million in 1Q12. Consequently, gross profit was $11.4 million, which translated to a 27% growth from $9.0 million a year ago. As at 30 September 2012, net assets value per share stood at 9.86 cents, compared to 9.42 cents as at 30 June 2012