Wheelock Properties' Q4 loss widens, but full-year profit rises

LUXURY property developer Wheelock Properties (Singapore) saw its net loss for the fourth quarter ended December 2014 widen from S$91.3 million to S$103.1 million. Revenue for the quarter fell 7.2 per cent, from S$28.98 million to S$26.90 million.

For the full year ended December, net profit rose 7.7 per cent to S$43.1 million. Revenue dropped 15.4 per cent to S$99.0 million.

For the financial year, the group has proposed a first and final dividend of six cents per ordinary share.

Wheelock Properties senior executive director, Tan Bee Kim, said: "In 2014, the property development business was difficult, faced with headwinds from stringent government policies in the markets where the Group operates as well as tightened mortgage lending practices. These have impacted our sales and margins.

"Local market conditions in 2015 are expected to remain subdued and macro-economic conditions fragile. With prudent financial management and a strong cash position, we are poised to capitalize on any opportunities or seek new projects locally or overseas."