Oxley Holdings fiscal 4Q net profit tumbled 81 percent

The Mercure Hotel at Stevens Road, Singapore. Credit: Oxley HoldingsThe Mercure Hotel at Stevens Road, Singapore. Credit: Oxley Holdings

Oxley Holdings reported Tuesday its fiscal fourth quarter net profit dropped 81 percent on-year to S$25.59 million, partly due to a lower revenue contribution from a U.K. project.

Revenue for the quarter ended 30 June declined 57 percent on-year to S$100.43 million, the property developer and hotel operator said in a filing to SGX.

Administrative expenses jumped 68.1 percent on-year in the quarter to S$26.2 million, mainly on higher payroll related costs and other expenses, the filing said.

Other gains for the quarter fell 38 percent to S$96.7 million, mainly on lower fair value increases on Singapore investment property and a net rise from the mark-to-market of financial instruments, Oxley said.

The share of results from associates and joint ventures, net of tax, was a loss of S$21.30 million for the quarter, swinging from a year-ago profit of S$29.65 million, Oxley said. That was due to losses in associates and joint ventures in Australia, China and the U.K., partly offset by profit contributions from the Singapore and Cambodia joint ventures, Oxley said.

Cambodia’s Peak Project, which includes residential, retail and soho units, was 87 percent sold, with expectations it would be fully sold on completion, Oxley said.

Oxley declared a dividend of 0.68 Singapore cent, down from 0.78 Singapore cent in the year-ago period; for the full year, the total dividend was 1.0 Singapore cent a share, Oxley said.

For the full fiscal year, Oxley reported net profit fell 49 percent on-year to S$146.29 million on revenue of S$686.07 million, down 42 percent on-year.

Oxley is currently developing a waterfront township development in London, two mixed-use projects in Phnom Penh, Cambodia, and a mixed-use development in Dublin, Ireland, the filing said.

In its outlook, Oxley pointed to both potential positives and negatives of the ongoing trade war.

The company noted the trade war has dampened economic growth within Singapore, which could weigh on demand for private homes.

But it added, the volatility related to the trade war has opened the possibility of more interest rate cuts from the U.S. Federal Reserve, which may lower the company’s cost of borrowing and support property demand in Singapore and elsewhere.

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