The Straits Times
Published on Feb 26, 2013

Wheelock Properties swing into the red due to fair value loss


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.