COMMERCIAL PROPERTY | Staff Reporter, Singapore

Oxley's profits skyrocketed 121% to $67.4m in Q3

The group’s total contract value reached $3.7b.

Oxley’s Q3 profits soared 121% YoY to $67.4m from $30.6m in 2018, thanks to the fair value gain of investment properties in Dublin and Singapore, according to its financial statement.

However, its revenues had plunged 75% YoY to $59.9m from $238.8m, following lower proceeds from its UK operations.

Earnings per ordinary share is now at $0.016, as compared to the $0.008 price in 2018.

During the quarter, the group had total contract value of $3.7b, of which about $2b was attributable to the projects in Singapore and approximately $1.7b was attributable to overseas projects.

Also read: Oxley accepts $1.03b offer for Chevron House

In Singapore, more than 2,168 units had been sold since April 2018 and sales hit $2.4b.

Oxley also said that they are expecting an improvement on the group’s cash flow and gearing, following the property sales of 30 Raffles Place and 2 commercial buildings in Dublin Landings.

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