Wheelock posts Q2 earnings of S$17.74m

Singapore

DESPITE more than trebling second-quarter revenue from a year ago, Wheelock Properties (Singapore) posted an 85.3 per cent slump in net profit for the three months ended June 30 to S$17.74 million. This was mainly because the year-ago corresponding quarter carried a negative goodwill of S$109 million.

"The provisional negative goodwill included in the group's share of results of associates for the period ended 30 June 2014 was mainly due to the share price of Hotel Properties Ltd being traded at a discount to its fair value of net assets at the time of the mandatory conditional cash offer," said Wheelock.