Mainboard-listed Wheelock Properties on Friday said its profit for the six months ended June more than tripled on-year to S$133.9 million.
Its revenue rose 74 per cent to S$283.9 million.
Meanwhile, for the second quarter, its profit more than doubled to S$83.5 million compared to the same period last year.
Revenue for the quarter also doubled to S$177.3 million.
The group said turnover was driven by increased contributions from its residential properties, Scotts Square and Orchard View, in the prime districts.
Going forward, it said it remains in a strong financial position to take advantage of investments and development opportunities which may arise locally or overseas.
Wheelock said that is because it currently has over S$800 million cash in hand with the collection of 25 per cent sales proceeds from its residential properties, Ardmore II and Orchard View.
It added that it has on-going progressive billings of Scotts Square and rental receipts from Wheelock Place.
Source : Channel NewsAsia – 13 Aug 2010