Property developer Oxley sparkles in March quarter

Singapore

HOMEGROWN property developer Oxley Holdings racked up an impressive showing for the March quarter, reporting an over-300 per cent jump in net income attributable to its shareholders.

Its net profit surged to S$51.2 million for the three months ended March 31, 2016, up 329 per cent from the S$11.9 million recorded the year before.

Adding in sums attributable to non-controlling interests, Oxley's net profit was up 218 per cent to S$72.3 million, from S$22.7 million the year before.

The developer, which has a business presence in nine geographical markets, said the sterling performance was due to "substantial project revenue recognition from eight projects, a S$25.7 million gain on disposal of a long-term investment in Japan, and rental income from investment pro…