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Oxley’s Q4 net profit sinks 81%, share price unchanged

For the full-year, earnings per share was at 3.58 Singapore cents, down from 7.27 Singapore cents a year earlier.

Oxley Holdings' fourth quarter net profit sank 81% for the fourth quarter due partly to lower other income, slower sales, and higher administrative expenses.

Revenue for the quarter fell by 57% to S$100.43 million on lower contributions from the firm’s project in the United Kingdom (UK), while earnings per share dipped 0.62 Singapore cent from 3.4 Singapore cents a year ago.

For the full-year, net profit was at S$146.29 million, close to half of the S$285.03 million made in the previous year. Revenue was lower by 42% to S$686.07 million, compared with S$1.19 billion in the previous financial year.

Earnings per share for the financial year was at 3.58 Singapore cents, down from 7.27 Singapore cents a year earlier.

Oxley is recommending a final dividend of 0.68 Singapore cent for the financial year. Including the interim dividend of 0.32 Singapore cent paid in May, the full-year dividend is at one Singapore cent per share.

The group had paid out a final dividend of 0.78 Singapore cent last year.

Oxley’s share price was unchanged on Wednesday, the morning after its quarterly results release, at S$0.305.

In the report, Oxley said that the prices and demand for private homes in Singapore are expected to remain steady for the rest of the year although it can be affected by the lower economic growth, due to the escalating trade war and downturn in the global electronics cycle.

The ongoing trade war has shown ‘no signs of abating’, the volatility has added ‘downside risks’ to the United States economy and opened the possibility of more rate cuts by the Federal Reserve, which may decelerate the group’s cost of borrowings as well as the support of the property demand in Singapore and elsewhere, said Oxley.

For the UK, ‘the possibility of a hard Brexit weighs on the prices and demand for residential property’, cautioned Oxley. ‘In Dublin Ireland, commercial and residential property prices are on an uptrend due to growing appetite of investors for Dublin’s commercial space and residential rental accommodation,' the group added.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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