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Oxley Doubles Half-Yearly Profits on Higher Revenues & Lower Costs
February 15, 2021
Oxley Holdings reported half yearly profits of S$34.1mn ($25.8mn) from S$15.7mn ($11.9mn) last year. Profits more than doubled due to a benefit from both higher revenues and lower costs. Revenues were up 25% YoY to S$745.3mn ($563.2mn) as their wholly-owned Australian subsidiary featured in the results. Revenues excluding the Australian subsidiary were up 9%, given its development projects in the UK, Singapore and Cambodia. The company also saw reduction of finance costs by 30% to S$56.4mn ($42.6mn) after repayment of bonds, bank loans and a fall in interest rates. At the end of last month, the company secured total sales for its development portfolio worth ~S$9.1bn ($6.9bn), of which S$3.73bn ($2.8bn) was from Singapore projects. The property developer said that development projects expected to fall behind their target completion dates because of a circuit breaker in Singapore last year and ongoing lockdowns in other countries. The company did not declare dividends. Oxley’s SGD 6.5% 2023s were flat at 96.25, yielding 8.55% while their USD 6.375% 2021s were at 99.02, yielding 11.8%
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