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Wheelock Properties Q3 bottom line strengthened by write-back

WHEELOCK Properties posted a 72 per cent year-on-year jump in profit to S$48.77 million for Q3 ended Sept 30, boosted partly by a S$10.83 million write-back of diminution in value made on The Panorama development in Singapore.

Revenue rose nearly 20 per cent to S$182.65 million on the back of higher revenue from its property development business. Meanwhile, earnings per share for the quarter rose from 2.37 Singapore cents to 4.08 Singapore cents.

For the quarter under review, share of profits of associates increased some 47 per cent to S$8.58 million, up from S$5.82 million a year ago.

Commenting on prospects for the current year, the group said that rental income from Wheelock Place and Scotts Square Retail, as well as its investment in quoted securities and share of profit of associates, will continue to contribute to recurring income.

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It added: "The Panorama has obtained temporary occupation permit in September 2017, and handover of units is in progress. Marketing is ongoing for Ardmore Three and Scotts Square."

As at Sept 30, 78 of the 84 units at Ardmore Three have been sold, while 299 out of 338 units at Scotts Square have been sold. All 698 units at The Panorama were sold as at June this year.