Oxley

Oxley: Reported a 73% YOY decline in net profit to $1.67m for 4Q12 even as turnover rose 16%. Full-year profit rose 26% yoy to $16.9m mainly driven by rev recognition from the sale of 11 of the group's residential projects which have commenced construction, including Parc Somme, which obtained its TOP in May 2012. Profit was also partly boosted by rental income from the corporate office at Robinson Road, where most lease obligations were in place prior to its being acquired in February 2011. A final dividend of 0.47c per share has been proposed. Together with the interim dividend of 0.1c, the total dividend per ordinary share for FY2012 will be 0.57c.