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Oxley Holdings posts 231% rise in Q4 profit

PROPERTY developer Oxley Holdings has chalked up a 231 per cent increase in net profit for the fourth quarter ended June 30, 2018. Profit had risen to S$137.7 million from S$41.5 million a year ago.

The group had recorded a fair value gain of S$111.2 million comprising mainly of gain on revaluation of Chevron House, reversal of fair value loss on financial instrument of S$24.2 million, and a gain on the sale of an investment property in Ireland of S$20.2 million.

Revenue for the quarter lifted 4 per cent to S$233.1 million. This is due mainly to higher revenue contribution from the project in the United Kingdom, as well as new revenue streams from Novotel/Mercure Singapore on Stevens - which began operation during the financial year - and Chevron House in Singapore. This was partially offset by lower revenue from the Singapore development projects due to the timing of the project completion.

Earnings per share increased to 3.40 Singapore cents from 1.08 cents. Oxley has declared a final dividend of 0.78 Singapore cent for FY2018, up from 0.70 cent in FY2017. Together with the interim dividend 0.72 Singapore cent paid, full year dividends for FY2018 will total 1.50 Singapore cents per share.

Oxley's shares closed unchanged at S$0.35 on Friday.

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