Mainboard-listed property developer Wheelock Properties has posted a 59.1 per cent decline in its third-quarter net profit to S$54.3 million from a year ago.
This was on the back of a 42 per cent drop in revenue for the three months ended September to S$133.1 million.
Wheelock said the fall in turnover was mainly due to lower revenue recognition from Scotts Square based on the progress construction works in the current period.
The developer said Scotts Square is around 71 per cent sold as of September.
Looking ahead, Wheelock said it will continue to recognise profits from its development properties projects based on the progress of construction works. These include Ardmore II, Scott Square and Orchard View.
It added that it is expected to further strengthen its strong cash position with the completion of Ardmore II targeted in the first half of next year.
Source : Channel NewsAsia – 13 Nov 2009