THE following companies released their financial results after the market closed on Thursday.
LOCAL property developer Oxley Holdings reported a 329 per cent jump in net income to S$51.2 million for the three months ended March 31, 2016.
Including sums attributable to non-controlling interests, Oxley's net profit was up 218 per cent to S$72.3 million. The jump was due to "substantial project revenue recognition from eight projects, a S$25.7 million gain on disposal of a long-term investment in Japan, and rental income from investment properties", said Oxley. Revenue for the quarter rose 33 per cent year on year to S$202.6 million as it recognised revenues from sold units in eight residential and mixed-residential projects including Oxley Edge, The Promenade@Pelikat, Vibes@ Upper Serangoon and Devonshire Residences. Revenue was also recognised from its industrial development Eco-tech @ Sunview.
TELCO StarHub posted a 25.9 per cent rise to S$92.8 million in net profit for the first quarter, up from S$73.7 million a year ago. This was despite a fall in revenue as as operating expenses dropped 9.1 per cent to S$485.9 million.
Revenue fell 4.4 per cent year on year to S$590.9 million in Q1 2016, primarily due to lower revenue from the sale of equipment, which was down 37.3 per cent at S$48.6 million. Earnings per share in Q1 2016 were 5.4 Singapore cents, versus 4.3 Singapore cents a year ago.
StarHub proposed an interim dividend of five Singapore cents per share.
ROXY-Pacific Holdings' first-quarter net profit plunged 79 per cent to S$9.89 million from the corresponding period a year ago.
Revenue for the period slid 48 per cent to S$102.98 million. This came as revenue from the property development segment, which made up 86 per cent of the group's turnover in Q1 FY2016, declined 52 per cent to S$88.3 million in Q1 FY2016. The drop was due largely to an absence of revenue recognition following the completion of Centropod@Changi, a commercial development that obtained its Temporary Occupation Permit in Q1 2015. The decrease was partly offset by revenue recognised from the Whitehaven, Trilive and LIV on Sophia developments in 2016.
Earnings per share fell to 0.83 cent for Q1 FY2016 from 3.89 cents in Q1 FY2015.
ASCENDAS Real Estate Investment Trust (A-Reit) posted an 8.1 per cent year-on-year drop in fourth quarter distribution per unit (DPU) to 3.41 Singapore cents, from 3.71 cents in the same period a year ago.
This was mainly due to performance fees of S$9 million, A-Reit's manager said. "Otherwise, Q4 estimated DPU would have increased by 1.3 per cent, mainly due to contribution from new acquisitions but partially diluted by the higher number of A-Reit units in issue," it added.
Net property income rose 22.4 per cent to S$143.5 million for the quarter ended March 31, 2016, while gross revenue climbed 17.4 per cent to S$204 million.
For the full year, net property income rose 15.3 per cent to S$533.7 million, on the back of gross revenue which rose 13 per cent to S$761 million. Full-year DPU came in at 15.357 cents, 5.2 per cent higher than a year ago.