Wheelock Properties’ H1 profit more than triples to S$133.9m

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

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