Wheelock Properties makes S$16.4m Q4 loss as properties revalued downwards

PROPERTY developer Wheelock Properties reported a loss of S$16.4 million for the three months ended Dec 31, 2016, widening from a S$0.9 million loss a year ago.

Revenue more than doubled to S$224.3 million from S$108.3 million a year ago. Revenue was boosted by sales in Ardmore Three, The Panorama and its Fuyang project in China.

But gross profits fell due to higher cost of sales. The group also saw its properties such as Wheelock Place and Scotts Square Retail revalued lower.

For the full year, revenue more than doubled to S$769.7 million while net profit rose 45 per cent to S$58.3 million.

The group proposed a first and final dividend of six Singapore cents a share, unchanged from a year ago.

Net asset value per share was S$2.50 at end-2016, down from S$2.54 a year ago.

Wheelock, which had attracted a query in January as shares soared, closed down half a cent to S$1.82, before results were out.