Oxley Holdings saw its revenue for Q4 2017 increase by 36 percent year-on-year to S$224.33 million mainly due to revenue recognition using the completion of construction method upon the handover of certain plots in The Royal Wharf Phase 1A.
Profit after tax and minority interest (PATMI) fell 41 percent to S$41.54 million from S$70.75 million previously.
For the entire financial year 2017, revenue jumped 37 percent to S$1.34 billion, while PATMI rose six percent to S$218.1 million.
SEE ALSO: Surging developer sales point to further property market recovery
“With several major completions generating good returns, FY2017 has been another year of respectable growth for Oxley,” said Ching Chiat Kwong, executive chairman and CEO of Oxley.
“Operationally, we enhanced our profile as a strong property developer, expanded our presence overseas, and improved on our project pipeline. We further capitalised on our strengths by establishing more quality partnerships in various markets under the asset-light model, thereby maintaining capital efficiency,” he said.
“All the issued bonds were redeemed ahead of or on schedule, resulting in lower gearing for the Group. In view of the prevailing market conditions, especially with some signs of recovery in the Singapore property market, we are in a position to seize opportunities presented to the Group.”
As at 30 June 2017, cash and cash equivalents of the group stood at S$413.5 million. With total borrowing falling further to S$2,458 million, net gearing also dropped 1.9 times compared to 2.2 times as at 30 June 2016.
With presence in 11 geographical markets across the world, Oxley has a total unbilled contract value of S$2.45 billion, around S$0.34 billion of which was attributable to Singapore projects and S$2.11 billion to overseas projects.
This article was edited by Denise Djong.