Oxley Holdings reported a loss of S$20.3mn during 2H 2022, more than double its loss of $9.6mn during the same period last year. The property developer’s revenues fell 46% YoY to S$419.5mn and its gross profit margins dipped by half to 13% from 26% last year. The drop in revenues came on the back of lower contributions from its overseas projects in Cambodia, the UK, Ireland and Malaysia. Its margin drop was mainly due to lower margins from local development projects coupled with reduced revenue from overseas projects. While Oxley reported soft results, it said that it was “looking optimistically forward to FY2023, with most of Singapore’s development projects to be completed by the end of 2022. The cash inflow is expected to reduce borrowings significantly and strengthen the group’s cash position”.
Oxley’s SGD 6.9% 2024s were trading flat at 95.76, yielding 9.41%.
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