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.

Scotts Square Retail was revalued from $360 million a year ago to $312 million in the current period - a fair value loss of $48 million. This has been accounted for under other operating expenses, the statement noted.

The 338-unit Scotts Square is now 79 per cent sold at an average price of $4,004 per sq ft.

Earnings per share for the year ended Dec 31 stood at 5.29 cents, compared with 24.33 cents a year earlier. Net asset value per share came in at $2.61 as at Dec 31, up from $2.42 a year earlier.

A final dividend of six cents per share was declared.