Oxley Holdings reports fiscal 4Q net profit more than tripled on revaluation gains

Singapore 50 dollar bill

Property developer Oxley Holdings reported on Friday that its fiscal fourth quarter net profit after tax climbed 215 percent on-year to S$137.57 million amid revaluation gains on the Chevron House property.

Revenue for the quarter ended 30 June rose 4 percent on-year to S$233.06 million, mainly on higher contributions from a project in the United Kingdom and from the Novotel/Mercure Singapore on Stevens, which began operations during the fiscal year, it said in a filing to SGX after the market close on Friday.

Other gains were up 299 percent on-year to S$156.58 million, which included a fair value gain of S$111.2 million, mainly on the revaluation of Chevron House, reversal of a fair value loss on a financial instrument of S$24.2 million and the gain on the sale of an investment property in Ireland of S$20.2 million, Oxley Holdings said.

For the full fiscal year, net profit after tax rose 24 percent on-year to S$282.1 million, while revenue fell 11 percent on-year to S$1.19 billion on lower completion and handover of Singapore development projects, partly offset by higher revenue from the U.K. project and revenue from the newly opened hotels at Stevens Road and the newly acquired Chevron House, it said.

It declared a final dividend of 0.78 Singapore cent a share, which combined with the interim dividend of 0.72 Singapore cent a share, brought the full-year dividend to 1.50 Singapore cents.

In its outlook, Oxley Holdings said that its strategy of acquiring land parcels a year earlier has given it flexiblity in pricing its Singapore projects despite the government imposing fresh property cooling measures in July. It plans to develop 3,900 units on those sites, with the first project, Verandah Residences, launched in April and completely sold within three months, it said.

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