Oxley Holdings Q1 profits surge 199% to $45.93m

Plot handover of The Royal Wharf Phase 1A boosted its revenue.

Oxley Holdings (Oxley) is on a tear as its Q1 profits soared by 199% YoY from $15.34m to $45.93m.

According to its financial statement, revenue rose by 146% to $310.62m, mainly due to the recognition of revenue from the handover of certain plots in The Royal Wharf Phase 1A.

Revenue was also recognised from its mixed-residential projects, Floraville/Floraview/ Floravista and The Rise @ Oxley-Residences due to progress made in the construction of these developments. The revenue also included rental income from investment properties, which rose 1% YoY.

The share of profits from equity-accounted joint ventures and associates also rose by $13.42m.

The increase in the share of profits from equity-accounted joint ventures and associates were mainly contributed by Galliard and a joint venture project in Cambodia, which amount to $5.63m and $7.27m respectively.

Meanwhile, Oxley also had a $1.37m impairment on development properties.