Profit recognition boosts Oxley Q2 net to $25.1m

OXLEY Holdings said that net profit for its second quarter ended Dec 31, 2013 more than doubled to $25.1 million, from $11.4 million the same period a year ago.

This was mostly due to an accounting requirement that caused the entirety of profit to be recognised for a completed 131-unit commercial and industrial project, The Commerze@Irving.

Profit continued to be recognised for partial completion of 12 mixed-residential projects, as well as share of profit from a joint venture and foreign exchange adjustment gains, offset by fair value losses from marking currency swaps to market.