Development loss weighs on Wheelock's Q3

WHEELOCK Properties (Singapore) posted another quarter of lower profits as sales and construction progress contributed less turnover.

The property developer said yesterday that net profit fell 63.4 per cent year-on-year for the third quarter ended Sept 30 to $11.9 million, or 0.99 cent per share, as revenue slid 26.8 per cent to $27.6 million.

For the nine-month period, net profit was up 39.6 per cent at $131.4 million, or 10.98 cents per share.