Wheelock Q3 earnings jump on Ardmore Three, The Panorama sales

REAL estate developer Wheelock Properties posted a net profit of S$28.3 million for its third quarter ended Sept 30, 2016, up one and a half times from S$11.3 million a year ago.

Revenue was up 82 per cent to S$152.6 million.

Higher revenue was due to sales in Ardmore Three and The Panorama. This was partially offset by lower unit sales in Scotts Square and lower dividend and interest income from the group's investment in quoted securities.

As at end-September, 60 per cent or 50 units of the 84 units of Ardmore Three were sold at an average price of S$2,900 per square foot (psf).

At The Panorama, a total of 677 units or about 97 per cent of the 698 units launched have been sold at an average price of above S$1,240 psf.

Net asset value per share was S$2.52 at end-September.

Wheelock closed Friday trading unchanged at S$1.48 a share.