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Oxley posts Q3 net profit of S$66.1m on fair-value gains

PROPERTY developer Oxley on Monday posted a net profit of S$66.1 million in the third quarter, up 118 per cent from the same period a year earlier as fair-value gains offset a fall in revenue.

The group expects to complete the sale of 30 Raffles Place (formerly known as Chevron House) for S$1.025 billion in the first quarter of 2020, and has recorded other gains of S$101.5 million in the third quarter, up from S$33.1 million in the third quarter last year, due mainly to the revaluation of investment properties in Dublin and Singapore.

Revenue in the three months ended March 31 was S$59.9 million, down 75 per cent on the back of lower revenue contribution from Oxley's project in the United Kingdom.

Earnings per share was 1.64 Singapore cents, up from 0.78 cent in the third quarter last year.

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Net asset value per share as at March 31 was 35.49 Singapore cents from 35.51 cents as at June 30 last year.

Oxley had cash and cash equivalents of S$270 million as at March 31. Its gearing ratio decreased to 2.49 times as compared to 2.55 times as at Dec 31, 2018.

Oxley said: "With the sale of the property at 30 Raffles Place and two commercial buildings in Dublin Landings, in addition to the impending sale of the residential development in Dublin Landings, there will be improvement in the group's cash flow and gearing, and in a good position to make the forthcoming bond payment."