Oxley's Q2 profit down 45% on lower revenue, thinner margins
Earnings also hit by fair value loss of S$17m on financial instruments; company proposes one-for-five bonus share issue
Singapore
LOWER turnover and thinner margins for projects sold in the second fiscal quarter, coupled with a fair value loss of nearly S$17 million on financial instruments, took a toll on Oxley Holdings' earnings.
For the three months ended Dec 31, 2017, net profit dived 45 per cent to S$68 million, while revenue tumbled 33 per cent to S$406.1 million from the previous year.
Developers' revenues tend to be lumpy due to varying project completion schedules from year to year.
Indeed, the second quarter's revenue came from the handover of completed units in The Royal Wharf Phases 1A and 1B; sold units at mixed residential projects in Singapore, Floraville, Floraview and Floravista; and The Rise @ Oxley Residences, according to the progress made in the constructi…
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