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Oxley Q2 net profit down 33%

PROPERTY developer Oxley Holdings on Monday posted a 33 per cent slide in net profit for the second quarter ended Dec 31, 2018 to S$45.2 million from a year ago.

Revenue dropped 12 per cent to S$355.5 million mainly due to lower revenue contribution from a project in the United Kingdom.

Gross profit fell 33 per cent to S$46.4 million mainly due to lower margin from the development project in the UK.

The group also recorded a loss of S$245,000 from equity-accounted associates and joint ventures, compared to a gain of S$60.6 million a year ago. Oxley said this was mainly due to the absence of contribution from The Bridge project which was completed in FY2018.

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As at Feb 10, the group had total unbilled contract value of S$3.3 billion, of which about S$1.7 billion was attributable to projects in Singapore and about S$1.6 billion attributable to overseas projects.

"In Singapore, the group has launched eight development projects since April 2018 and the response received from buyers has been overwhelming. More than 1,700 units were sold to date and sales secured amounted to S$1.9 billion. Three of the group's projects - The Verandah Residences, Sixteen35 Residences and Sea Pavilion Residences - are 100 per cent sold," said Oxley in a press statement.

Earnings per share shrank to 1.12 Singapore cents from 1.75 cents. An interim dividend of 0.32 Singapore cent has been declared for FY2019, lower than the 0.72 Singapore cent dividend declared a year ago.

The counter closed flat at S$0.30 before results were released.