Oxley Q3 profits crashed 33% to $30.56m

It warned that it could be hit by political and economic policies, along with rising interest rates.

Oxley Holdings' profits crashed 33% YoY from $45.7m to $30.56m, it said in its financial statement.

Revenue also down 38% YoY from $386.5m to $238.84m mainly due to the to recognition of revenue using the completion of construction method upon the handover of certain plots in The Royal Wharf Phase 1A and 1B. “The revenue also included rental income from investment properties and revenue from hotel operations,” Oxley said.

Other income increased by $4.4m mainly due to increase in dividend income from United Engineers.

To-date, Oxley has launched 33 projects and has completed 29 projects. Five projects are expected to obtain Temporary Occupation Permit (TOP) in the next 12 months, namely, the three phases of Royal Wharf, Dublin Landings - Block D, and T-Space.

Also read: Oxley sold Block D1 of Dublin Landings for $266.21m

Oxley is also set to launch seven projects in the next 12 months, including The Verandah Residences, Riverfront Residences, Affinity at Serangoon, and Parkwood Residences.

Oxley warned that political, economic, and regulatory policies may significantly affect it for the next 12 months. It said it can also be hit by the fluctuations of various currencies and the expected increase of interest rates.