Oxley's 4Q earnings more than treble to $138 mil on one-off other gains

Oxley's 4Q earnings more than treble to $138 mil on one-off other gains

Stanislaus Jude Chan
26/08/18, 09:56 pm

SINGAPORE (Aug 26): Oxley Holdings saw its earnings more than treble to $137.7 million for the 4Q18 ended June, from $41.5 million a year ago.

The surge in 4Q earnings was mainly due to other gains, including fair value gain of $111.2 million comprising mainly of gain on revaluation of Chevron House, reversal of fair value loss on financial instrument of $24.2 million, and gain on sale of an investment property in Ireland of $20.2 million.

This brings full-year earnings for FY18 to $285.0 million, some 31% higher than $218.1 million a year ago.

4Q18 revenue rose 4% to $233.1 million, compared to $224.3 million a year ago.

This was mainly due to higher revenue contribution from the project in UK, as well as new revenue streams from Novotel/Mercure Singapore on Stevens and Chevron House in Singapore.

As at end June, cash and cash equivalents stood at $255.0 million.

Oxley has declared a final dividend of 0.78 cents per share for FY18, higher than the final dividend of 0.70 cents paid a year ago.

Together with the interim dividend 0.72 cents paid earlier, this brings total dividends for FY18 to 1.50 cents per share.

Looking ahead, Oxley says putting its eggs in different baskets have proven to be a winning formula in the group’s quest for sustainable growth.

“Building on its experience in the Singapore residential market, the group has slowly undergone the process of metamorphosis, building up its core competences across different property market sectors and geographical markets,” says Oxley’s executive chairman and CEO, Ching Chiat Kwong.

“Today, we have exciting projects in 11 markets which can deliver $20 billion Gross Development Value (GDV). We are cautiously optimistic of sustainable future growth,” he adds.

Shares in Oxley closed flat at 35 cents on Friday.

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