Brokers' take

Small-mid cap property


FOR its Q1FY14 (end-Sept 2013), Oxley Holdings announced a net income of S$250.8 million, up 37 times y-o-y. This comprised cash earnings, not valuation gains, and almost matched the combined earnings of CapitaLand and City Developments, the two largest domestic developers, over that quarter.

What caused Oxley's earnings spike? Under International Financial Reporting Standard 115, its 728-unit industrial project, Oxley BizHub, had its profits booked wholly upon attaining TOP (temporary occupation permit) over the quarter. This is known as the Completion of Contract (COC) recognition method and is required for commercial and overseas projects,...

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