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WHEELOCK Properties on Friday reported a 7.2 per cent drop in net profit to S$11 million for its third quarter ended Sept 2014.
Revenue, too, fell 17.4 per cent to S$22.8 million, as the revenue recognised from Ardmore Three based on its construction progress was much lower than the revenue recognised in Q3 last year.
The group also received lower dividend income from its investments following the disposal of its investment in Hotel Properties to its associated company, 68 Holdings, in Q2.
68 Holdings in April this year launched a S$3.50-a-share cash offer for Hotel Properties Ltd (HPL), which was later raised to S$4.05 a share.
Higher other operating expenses also ate into Wheelock's Q3 net profit. These were mainly due to exchange losses from the translation of its bank loans denominated in foreign currency, it said.
The counter closed two Singapore cents lower at S$1.795.