Oxley’s FY16 earnings more than double to $206 mil

SINGAPORE (Aug 29): Oxley Holdings, the property developer, reported a more than doubling of full-year earnings to $206 million from a year ago on higher sales recoginition of units sold.

Full-year revenue surged by 40% to $981.4 million. due to sales recognition on eight of its residential and mixed-use projects in line with the construction progress, based on percentage of completion method; revenue recognition of the industrial project Ecotech@ Sunview based on completion of construction as well as rental income generated by investment properties.

Notably, the group’s 70% stake in Space@ Tampines also contributed to the rental income for FY16. Oxley also recognised higher other credits of S$7 7.3 million, fuelled by a gain on disposal of a long-term investment of $25.6 million and higher fair value gain on investment properties of $47.2 million.

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