Over the weekend, Oxley Holdings one of my recent stock ideas reported their Q2-2011 results. The numbers were quite disappointing on the surface with revenue of S$5.9mn and net profit of S$0.73mn.....quite disappointing for someone that could potentially deliver S$1bn in profits if all goes well over the next three to four years. I tried to contact management over weekend but only got some feedback last evening hence this update today.
The Q2-2011 results are important because we have the first set of post-IPO financials. In particular the balance sheet is a better reflection of what the company is. Shareholders funds is now S$124.6mn from just S$9.7mn in 2010. Development properties are now S$376.5mn from S$57.9mn while financial liabilities are S$332mn up from S$64mn.
..... Click here to read more...