I attended Oxley Holdings’ 2QFY2018 results briefing last Friday and left the meeting with four concerns regarding the Singapore developer’s strategic directions.
1st Concern: New projects have to be launched ASAP
Oxley’s quarterly results ending 31 December 2017 was filed with SGX on Thursday evening. Below is the summary of the developer’s financial performance comparing with the previous year (2QFY2017) by Business Times:
– Revenue tumbled 33 percent to S$406.1 million
– Net profit fell 45 percent to S$68 million
– Earnings per share dropped 42 percent to 2.1 Singapore cents
The unimpressive performance is the result of no major revenue contributor in 2QFY2018 apart from the UK project Royal Wharf. In contrast, revenue of 2QFY2017 was boosted by the completion of Oxley Tower in December 2016. No major launch is also the reason for the company’s continuous weak financial performance in the last two quarters.
As I mentioned earlier in my blog …