Oxley Holdings Limited, a property developer listed on the Singapore Exchange, has issued a profit guidance announcement indicating expected losses for the second half and full year ended 30 June 2024.
In a statement released today, the Board of Directors of Oxley Holdings revealed that based on a preliminary review of the unaudited financial results, the Group anticipates reporting a net loss for both the second half (2H2024) and the full year (FY2024).
The company attributed the projected losses to several factors:
- Impairment losses
- Finance costs
- Lower revenue recognized from the Group’s property development projects
Oxley Holdings is currently in the process of finalizing its unaudited financial results for FY2024. The company stated that more comprehensive details of the Group’s financial performance will be disclosed when it announces the unaudited financial results for 2H2024 and FY2024. This announcement is expected on or before 29 August 2024.
In light of this profit guidance, the company has advised shareholders and potential investors to exercise caution when trading in Oxley Holdings’ shares. The Board recommends that those in doubt about their course of action should consult their financial, tax, or other professional advisers.
The profit guidance serves as an early indication of the company’s financial position, allowing stakeholders to make informed decisions ahead of the full financial results announcement.
Oxley Holdings Limited, incorporated in Singapore, is known for its property development projects. This profit warning may reflect ongoing challenges in the real estate sector.