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Foreign buyers display resilience within the luxury condo marketplace

It was blamed on reduced earnings contribution in the development project in the United Kingdom.

Property developer Oxley Holdings saw its earnings plummeted 90 percent YoY to $3.56m in Q2 2020 from $35.05m in 2018, a bourse submitting revealed. Likewise, its earnings dipped 12% YoY to $311.41m from $355.48m within precisely the same period.

It was blamed on reduced earnings contribution in the development project in the United Kingdom, regardless of the increase in earnings from the Singapore and Dublin jobs, and 3-month earnings contribution by a wholly-owned subsidiary in Australia.

Gross profit margin for Q2 2020 dropped one percentage point, because of lower margins in the residential job in Dublin, the new subsidiary in Australia and certain Singapore growth jobs.

Earnings per share of 0.38 pennies, which will be lower than 0.85 Singapore pennies in H1 2019.

As at the end of January 2020, the team had total unbilled contract value of 3.3b, of that approximately $2.3b are out of jobs in Singapore. Oxley had sold 69 units or percentage of its Singapore possessions to get a collective consideration of 3b. Residences have been 100% sold.

Meanwhile, its resorts on Stevens Road recorded greater revenue per available room of 15% and gross operating profit of 36 percent in H1 2020. However, the team said that the outbreak has significantly reduced visitor arrivals and dampened demand for hotel rooms and serves rooms that cater for incentives, meetings, conferencing and exhibitions, and related activities.