Local developer Oxley Holdings has posted a 307 percent net profit increase attributable to shareholders to S$69.1 million for its financial year ended 30 June 2013, compared with S$16.9 million in FY2012.
The strong showing is due to a 187 percent revenue hike to S$457.7 million in FY2013 from the previous S$159.4 million. Earnings per share was at 2.45 cents versus last year's 0.63 cents.
“FY2013 saw five of our residential and industrial developments achieve their TOP, with the rest of our developments achieving good progress in construction as well. This has helped Oxley chalk up another record financial year,” noted Ching Chiat Kwong, Executive Chairman and CEO of Oxley.
In a statement, the company said it is “cognizant of the sustained impact of cooling measures introduced by the Government in the residential and industrial property segments, which has resulted in softer demand across the local market”.
As such, the group “will adopt a prudent approach towards its land acquisition strategy in FY2014”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email firstname.lastname@example.org