Wheelock Properties (Singapore) reported a 63.4 per cent slide in third-quarter net profit to $11.9 million on Monday.
The firm said this was because revenue recognised from luxury condominium project Ardmore Three, based on the progress of construction, was much lower than the revenue recognised from the sales of Orchard View and Scotts Square in the same period last year.
Revenue for the three months to Sept 30 was also hit, falling 26.8 per cent to $27.6 million.
But this was partially offset by higher interest income and dividend income from the group's investments and revenue from its malls.
Earnings per share for the same period shrank to 0.99 cents from 2.71 cents previously while net asset value per share eased to $2.59 compared with $2.61 as at Dec 31.
Wheelock's shares closed unchanged at $1.685 on Monday.