WHEELOCK Properties posted a net profit of S$11.1 million for the first quarter ended March 31, 2016, a 9.1 per cent decrease from the same period last year.
Revenue fell 7.5 per cent to S$91.8 million due to the absence of dividend income from investment.
Lower unit sales in The Panorama and a fall in rental income from Scotts Square Retail contributed to the decrease in revenue as well.
Earnings per share fell 0.09 Singapore cent to 0.93 Singapore cent.
Looking ahead, rental income from Wheelock Place and Scotts Square Retail will continue to contribute to the group's recurring income, it said. As at March 31, The Panorama has sold 597 units, or about 96 per cent of the 620 units launched. Active marketing is ongoing. Construction of the Ang Mo Kio project is targeted for completion by 2017.
Ardmore Three was relaunched in early April with competitive pricing, cumulating sales of 36 per cent to date. Phase 1 construction of the group's Fuyang project in China is also in progress and expected to be completed in second half of 2016.
An earlier version of this story stated Wheelock Properties was targeting phase 2 sales in the second quarter of 2016 for The Panorama. It should instead read that active marketing is ongoing. The story above has been revised to reflect this.