Oxley Narrows Losses Fy2025 Shifts Focus Solely Property Development
The financial results for Oxley Holdings have shown a significant improvement in their performance for FY2025. The company has reported a decrease in losses due to an increase in revenue, reduced cost of sales, and lower financing costs.
In the financial year ending on June 30, Oxley Holdings recorded a net loss of $6.1 million, a substantial improvement from the $95.9 million loss it reported in the previous year. The group’s revenue for the second half of FY2025 also increased by 59.8% year-on-year to $198.3 million, bringing the full-year revenue to $313.6 million, up by 8.7% year-on-year.
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The company generated net operating cash inflows of $75.7 million, supported by revenue from its hotel, rental properties, and ongoing projects overseas. During the year, Oxley Holdings also managed to reduce its debt levels by $126.2 million. As of June 30, the company’s bank borrowings and fixed-rate notes stood at $1.243 billion, of which $1.155 billion is secured. Additionally, after the reporting period, the company redeemed $88 million in unsecured debt, leaving no remaining unsecured borrowings.
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Oxley Holdings has announced that the construction of its flagship project, Oxley Towers Kuala Lumpur City, has been fully completed. The company expects to hand over its first residential units as early as September and anticipates collecting proceeds of RM200 million followed by RM60 million over the next 12 months and another RM32 million in 2027 from its committed sales. The company still holds inventory worth RM550 million that is yet to be sold.
The developer has stated that transaction volumes have increased in recent months after the completion of the project. The company aims to clear its inventory within the next six to 12 months.
Renovation works for Oxley Holdings’ hotel components in Kuala Lumpur are still ongoing, and the company expects operations to begin in the near future. In Singapore, both of Oxley’s hotels achieved an average occupancy rate of 86%. The Shangri-La Hotel in Cambodia also recorded an occupancy rate of 52% since its soft launch. These properties generated a total of $59.4 million in hotel revenue in FY2025, compared to $58.2 million the previous year.
Oxley Holdings is planning a strategic repositioning of its business. The company intends to exit from investment properties and hotel development, focusing solely on property development. The company has also expressed its willingness to divest its hotel portfolio when the right opportunity arises.
According to the executive chairman and CEO of Oxley Holdings, Ching Chiat Kwong, this shift in strategy will allow the company to focus its resources on markets and segments where it has a competitive advantage. The company intends to concentrate on its core markets, including Singapore, the United Kingdom, and Ireland, while eventually exiting emerging markets such as China, Cambodia, and Malaysia once the projects in these locations are completed.
The company plans to redeploy proceeds from the divestments to support core development activities, participate in local land tenders, and accelerate the Dublin Arch project in Ireland. The favorable interest rate environment is expected to provide significant savings in interest costs for future development.
As of August 29, Oxley Holdings’ shares closed at 10 cents, down by 0.97% for the day but up by 45.71% year-to-date. At this price, the company’s shares trade at about half its net asset value of 19.6 cents per share as of June 30.