Lower revenue recognition pares Wheelock Properties' Q2 profit by 71%
WHEELOCK Properties has suffered a 70.7 per cent decline in second quarter net profit to $14.2 million.
Revenue for the three months to June 30 was similarly hit, plunging 71.3 per cent to $33.5 million.
Revenue recognised from condominium project Ardmore Three, based on the progress of construction works, was much lower than the revenue recognised from the sales of Orchard View and Scotts Square in the same period last year.
This was partially offset by higher dividend income and interest income received from the group's investments and revenue from the retail malls.