Wheelock Properties posts 89% rise in Q2 net profit to S$28.9m

Mainboard-listed Wheelock Properties has posted an 89 per cent on-year rise in its net profit for the second quarter to S$28.9 million.

However, revenue fell 10.8 per cent to S$78.4 million.

The firm said this was because no further revenue was recognised from its projects, The Cosmopolitan and The Sea View, in the current period, as these projects were completed last year.

In the current financial year, Wheelock said it will continue to recognise profits from its development properties, Ardmore II and Scotts Square, based on the progress of construction works.

Progress billings for these projects are currently on-going.

And Wheelock Place is expected to generate good recurring income due to higher committed renewal and new leases.

With a strong cash position in its balance sheet, the firm said it is in good stead to pursue all good investments and development opportunities.

Source : Channel NewsAsia – 12 Aug 2009

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