Wheelock Q4 loss trebles on project provision

MAINBOARD-listed Wheelock Properties sank deeper into the red with a loss of $91.3 million for the fourth quarter ended Dec 31, 2013, versus a loss of $30.8 million in the corresponding period a year earlier. This was due to a $110 million provision for a project.

Revenue for the quarter under review edged up 3 per cent year-on-year to $29 million while loss per share worked out to 7.63 cents, from a loss per share of 2.57 cents previously.

For the full year, the group turned in a profit of $40 million, down nearly 37 per cent from FY2012. Revenue was down nearly 44 per cent to $117 million largely due to the lower sales from Scotts Square compared to the revenue recognised from the sales of Orchard View and Scotts Square in the last financial year.