Wheelock Properties Q1 profit down 14% at S$12.26m

Singapore

DESPITE revenue almost quadrupling, Wheelock Properties (Singapore)'s net profit fell 14 per cent year on year to S$12.26 million, for the first quarter ended March 31.

The surge in revenue to S$99.24 million - from S$25.28 million - was thanks mainly to revenue recognised from The Panorama based on the progress of construction works. This was partially offset by lower rental income from Scotts Square retail.