Oxley sparkles in Q3, thanks to projects and one-time gain

HOMEGROWN property developer Oxley Holdings saw its net profit climb over 200 per cent in the third quarter, thanks to revenue recognition from eight of its projects, a S$25.7 million gain on the disposal of a long-term investment in Japan and rental income from its investment properties.

Its net profit surged to S$72.3 million for the three months ended March 31, 2016, from S$22.7 million the year before. Taking out sums attributable to non-controlling interests, Oxley's performance was even more impressive. Its net profit attributable to shareholders surged 329 per cent to S$51.2 million, from S$11.9 million the year before.

Its revenue for the period climbed 33 per cent year-on-year to S$202.6 million.

Oxley shares closed at S$0.445, up 1.5 cents.