Wheelock Properties on Friday said net profit for the third quarter of this year fell 39 per cent to S$132.67 million compared to a year ago.
Revenue was up 21 per cent at S$229.53 million. The increase in revenue was mainly due to the commencement of revenue recognition in respect of units sold in Scotts Square. The Group's investment property, Wheelock Place, was revalued from $700 million to $790 million by a firm of independent professional valuers based on increased rental reversion.
Decrease in investments of S$188 million was mainly due to the decrease in market value of its investments in Hotel Properties Limited and SC Global Developments Ltd. The decrease for HPL was charged to the fair value and revaluation reserve whilst the decrease for SC Global was charged to the income statement as the investment was considered to be impaired.
Decrease in development properties of S$294 million was mainly due to progress billings from the development properties projects and recognition of the remaining 15% of sales consideration to be billed on The Sea View and The Cosmopolitan upon completion. This was partially offset by recognition of profit on development properties projects and construction costs incurred.
It said if the effects of the revaluation surplus (net of tax) of S$74 million (2007: S$164 million) on Wheelock Place and impairment loss of S$85 million on SC Global were excluded, the group's profit after tax for the 3rd quarter would have been $133 million, an increase of 148 per cent.
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