Oxley's Q1 net profit down 96% on revenue plunge

OXLEY Holdings on Friday posted a whopping 96 per cent plunge in net profit to S$10.1 million for its first quarter ended Sept 30, 2014.

This came on the back of a steep 82 per cent drop in revenue to S$120.3 million.

Earnings per share slid to 0.34 Singapore cents, from 8.51 Singapore cents a year ago.

The revenue was contributed by recognitions, based on the percentage of completion method, from the progress made in the building of 11 mixed-residential projects. Recognitions from this accounting method tend to result in lumpy revenue figures from quarter to quarter.

Higher marketing, distribution costs and finance costs, including for advertising, brochures and showflats for its development projects, also hurt its bottom line.

The counter closed trading on Friday at 52 Singapore cents, up half a cent.