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Wheelock Properties swing into the red due to fair value loss

Published on Feb 26, 2013 10:05 PM
 
Scotts Square, owned by Wheelock Properties, is quiet on both weekdays and weekends despite its prime location. Wheelock Properties sank into the red for the fourth quarter with a loss of $30.8 million. -- ST FILE PHOTO: EDWARD TEO

WHEELOCK Properties sank into the red for the fourth quarter with a loss of $30.8 million.

It recorded a net profit of $121 million in the same period a year earlier.

Revenue plunged 50 per cent to $28.1 million in the three-month period ended Dec 31 due to an absence of profit recognition and lower sales from Scotts Square, completed in the third quarter of 2011.

This was partially offset by higher sales at Orchard View, the firm said in a statement today.

 
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