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Profit tumbles 60% at Wheelock Properties (Singapore)

Published on Nov 12, 2012 9:08 PM
 

Wheelock Properties (Singapore) said its net profit in the third quarter tumbled by 59.9 per cent to $32.4 million.

This came on the back of a 77.1 per cent plunge in revenue to $37.7 million for the three months to Sept 30, mainly due to the absence of further progressive recognition of profits from sold units in Scotts Square following its completion last year as well as lower sales of unsold units in the project compared to the same period last year.

Earnings per share shrank to 2.71 cents from 6.75 cents while net asset value per share climbed to $2.56 compared to $2.42 as of Dec 31.

The developer said it is reviewing the launch of Ardmore Three due to current market conditions.