Oxley's net profit skyrockets by 103% to $123.2m in Q2

Oxley Tower contributions finally kicked in.

Property developer Oxley Holdings Limited announced a 103% spike in its net profit for the quarter ending in December at $123.2m, up from $60.814m from the same period last year.

According to the group, the revenue of $605.73m for 2Q2017 was mainly due to recognition of revenue from a commercial project, Oxley Tower, using the completion of construction method upon its completion. The handover of certain plots in The Royal Wharf Phase 1A also contributed to the headline.

The Group secured $455m of new sales in 2Q17, mainly derived from overseas projects, including Royal Wharf. The amount of billings rendered to buyers amounted to a healthy $502m

"Revenue was also recognised using the percentage of completion method on sold units in 3 mixed-residential projects in Singapore namely, Floraville/Floraview/ Floravista, KAP and KAP Residences and The Rise @ Oxley-Residences due to progress made in the construction of these developments. The revenue also included rental income from investment properties," the group said.

For 1H17, the group's gross profit increased by 45% to $249.5m, while gross profit margin improved to 37%.

Oxley’s Executive Chairman and CEO Mr Ching Chiat Kwong said, “We made consistent good progress and achieved several milestones during the past few quarters. The geographical expansion and diversification will not only mitigate single country risk and generate more growth opportunities, but should also enhance our revenue stream and continually improve our financial position. With our expertise, diligence and dedication, Oxley has gradually transformed from a Singapore-based developer to a strong property group with global presence.”