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Oxley posts Q1 net profit of S$12.2m, reverses year-ago loss

OXLEY Holdings on Tuesday posted a net profit of S$12.2 million for the first quarter ended Sept 30, compared to a restated net loss of about S$655,000 a year ago.

This came on the back of higher gross profit from hotels and development projects in Singapore and gains on revaluation of a property in Cambodia and mark-to-market of the derivative financial instruments, the property developer said in a Singapore Exchange filing.

The gains were however partially offset by higher unrealised foreign exchange loss, finance costs and consultancy fees incurred for overseas projects.

Revenue was up 66 per cent to S$282.8 million from a restated S$170.3 million in the first quarter of the previous financial year. Earnings per share was 0.29 Singapore cent, compared to a loss per share of 0.02 cent a year ago.

Oxley shares closed down 0.5 Singapore cent or 1.45 per cent to S$0.34 before the results were announced.

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