Oxley's Q1 net profit jumps nearly sevenfold

OXLEY Holdings posted a nearly sevenfold jump in net profit for the first quarter to S$48.7 million from S$7 million a year ago.

Revenue for the three months to September rose 146 per cent to S$310.6 million from S$126.5 million mainly due to recognition of revenue upon the handover of certain plots in The Royal Wharf Phase 1A, revenue recognised on sold units in two mixed-residential projects in Singapore - Floraville/Floraview/Floravista and The Rise @ Oxley-Residences - due to progress in their construction and rental income from investment properties.

Accordingly, earnings per share came in at 1.67 Singapore cents versus 0.24 Singapore cents a year ago.

No dividend was recommended.

As at end September, the group had total unbilled contract value of S$2.3 billion, of which some S$300 million was attributable to the projects in Singapore and the remaining to overseas projects.