Tuesday, 20 October 2015

Singapore Stocks Update: Oxley Holdings 1Q16 Net Profits Leaps 246%

MMF Solutions Singapore

SGX Stocks Update: Oxley Holdings has announced a 1Q16 net profit of $35.1 million, an improvement of 245.6 percent from the net profit of $10.1 million last year, contributed by a surge in revenue.

Revenue saw a 260.6 percent improvement to $433.9 million driven by recognition of revenue from the group’s industrial property development, Eco-tech@Sunview, as well as revenue recognised using the percentage of completion method on the revenue from sold units in 7 mixed-residential projects in Singapore.

Although cost of sales was up 314.3 percent in tandem with revenue growth, the group still achieved a growth of 153.8 percent in gross profits to $102.2 million, which was able to offset the increase of $7.7 million in overall operating expenses, resulting in the surge in net profitability for the group.

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