Wheelock Properties' Q3 net profit rises 2.4% to S$11.26m

WHEELOCK Properties (Singapore) has posted a 2.4 per cent increase in third quarter net earnings to S$11.26 million.

Revenue for the quarter ended Sept 30, 2015 rose to S$83.90 million from S$22.76 million in the same period last year - due mainly to the sales of units at The Panorama condo project in Ang Mo Kio, Scotts Square and Ardmore Three.

The group's bottomline was supported by S$23.73 million in "other income" in Q3 FY2015, up from S$927,000 in Q3 FY2014. The increase was due mainly to the net gain on disposal of the group's investment in quoted securities. "The group sold a large portion of its investment in quoted securities to preserve capital," Wheelock said.

Cash and cash equivalents stood at S$591.47 million as at end-September 2015, up from S$408.52 million as at end-December 2014.

Earnings per share rose to 0.94 cent in Q3 FY2015 from 0.92 cent a year ago. Net asset value per share declined to S$2.53 as at end-September 2015 from S$2.62 as at end-December 2014.

The counter ended 5 Singapore cents lower at S$1.465 on Friday. Wheelock released its results after the close of trading.