It blamed lower contribution from its UK project.
Oxley Holding’s Q2 profits fell 33% YoY to $45.24m from $68.02m to extend a downward earnings trend from Q1 where profits sank 83%, an announcement revealed. Revenue also declined 12% YoY to $355.48m from $406.09m.
For H1 FY18, profits crashed 54% YoY from $116.77m to $53.29m, whilst revenue slid 27% YoY to $525.78m from $716.72m.
The firm attributed the weak performance to lower revenue contribution from its project in the UK.
Also read: Oxley's Q1 profits plummet 83% to $8.06m
As of 10 February 2019, Oxley had a total unbilled contract value of $3.3b, of which approximately $1.7b was attributable to projects in Singapore and around $1.6b was attributable to overseas projects.
In Singapore, the firm launched eight development projects since April 2018. More than 1,700 units were sold to-date and sales secured amounted to roughly $1.9b. Oxley’s The Verandah Residences, Sixteen35 Residences and Sea Pavilion Residences were 100% sold, the firm highlighted.
On 10 January 2019, Oxley accepted a letter of intent for the sale of its Novotel and Mercure hotels along Stevens Road at a consideration of $950m. The Mercure and Novotel Hotels which house 254 and 518 rooms respectively, were acquired by Oxley in March 2013 and occupy a land area of 18,477 sqm.
“Oxley is pleased with the performance of the diversified portfolio of development and investment projects in Singapore and overseas,” Oxley’s executive chairman and CEO Ching Chiat Kwong said in a statement. “We are well-positioned to tap on the growing demand for quality and affordable housing in the Asia-Pacific and Europe regions.”
On 28 January 2019, Oxley announced that a letter agreement was entered for the proposed sale of 268 units in Ireland to real estate firm Greystar Europe Holdings for approximately $275m (EUR175.5m). The units are part of Blocks B and E of mixed-use development Dublin Landings located along Dublin’s North Wall Quay.
An interim dividend of $0.032 was declared for FY19, the firm stated.
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