Wheelock Properties Profit Falls 50 %

Source : The Business Times, August 14, 2008

Wheelock Properties reported on Thursday a net profit of $15 million for Q2 2008, a fall of 50 per cent compared to $30 million in Q2 2007.

Revenue for the quarter was $88 million, a fall of 10 per cent for the same comparative period in 2007.

Wheelock said that revenue decreased as most units in The Sea View and The Cosmopolitan were sold in earlier years and dividend income from the investment in Hotel Properties Limited was lower.

The decrease was partially offset by revenue recognition in respect of units sold in Ardmore II in the current period, it added.

Wheelock said that if the effects of the revaluation surplus (net of tax) of $74 million on Wheelock Place and impairment loss of $85 million on its SC Global investment were excluded, the group's profit after tax for Q2'08 would have been $27 million, a decrease of 12 per cent when compared to Q2'07.

Earnings per share for the quarter was 1.27 cents per share , down from 2.55 cents per share in the corresponding quarter in 2007.