Oxley expects H2 loss on higher finance costs, revenue drop

PROPERTY developer Oxley Holdings expects to post a net loss for its latest fiscal half and for the full financial year ended Jun 30, 2023, due to higher finance costs and a drop in revenue.

In a profit guidance statement on Monday (Aug 21), the mainboard-listed company said lower revenue was recognised from the group’s property development products as substantial revenue was registered prior to FY2023 as the projects progressed.

The guidance came as the company is in the process of finalising its unaudited financial results for FY2023. Details of its financial performance will be released along with the results announcement, expected on or before Aug 29, it added.

Shares of Oxley Holdings closed down 2.5 per cent at S$0.117 on Monday.