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12-11-13, 17:28
http://www.straitstimes.com/premium/money/story/wheelocks-q3-profit-falls-revenue-fluctuates-20131112
Wheelock's Q3 profit falls as revenue fluctuates
Published on Nov 12, 2013
By Cheryl Ong
FLUCTUATING revenue figures from property sales over the past 12 months pummelled earnings at Wheelock Properties (Singapore) in the third quarter.
Net profit came in at $11.9 million, down 63.4 per cent from the same period a year earlier.
Revenue for the three months to Sept 30 was also hit, falling 26.8 per cent to $27.6 million.
The firm said revenue recognised from its luxury condominium project Ardmore Three, which is based on the progress of construction, was much lower than the revenue recognised from the sales of Orchard View and Scotts Square in the same period last year.
This was partially offset by higher interest income and dividend income from the group's investments and revenue from its malls.
Earnings per share for the same period shrank to 0.99 cents from 2.71 cents previously, while net asset value per share eased to $2.59 compared with $2.61 as at Dec 31.
Wheelock reported healthier botttom line numbers for the nine months to Sept 30, with earnings up 39.6 per cent to $131.4 million although revenue fell 51.2 per cent to $88.1 million.
Net profit for the nine months to Sept 30 was also bolstered by a one-off gain of $93 million in the first quarter, from the sale of its entire stake in SC Global Development to the firm's chairman and chief executive Simon Cheong.
Wheelock said three units at Ardmore Three had been sold at an average price of $3,158 per sq ft (psf). The freehold project comprises 84 three-bedroom units, each spanning about 1,800 sq ft. Construction is expected to be completed by next year.
It added that 79 per cent of 338 residential units have been snapped up at Scotts Square at an average price of $4,004 psf.
The firm acquired a 198,942 sq ft site in Ang Mo Kio Avenue 2 in April for more than $550 million, or $789.89 per square foot per plot ratio.
The site can yield 698 units with the project, The Panorama, expected to launch in the first quarter of next year.
Its retail and office investment Wheelock Place is 96 per cent occupied at an average monthly rental of about $13.50 psf. The firm said it had renewed 14 leases at the mall, while 11 tenants had signed new leases.
The overall occupancy rate at Scotts Square retail units was 95 per cent, with an average monthly rental of about $23 psf.
Wheelock said it had obtained approval to build phase one of a residential development in Fuyang city in China.
The 3.2 million sq ft residential site will comprise villas, townhouses, duplexes and apartments.
Wheelock shares closed unchanged at $1.685 yesterday.
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Wheelock's Q3 profit falls as revenue fluctuates
Published on Nov 12, 2013
By Cheryl Ong
FLUCTUATING revenue figures from property sales over the past 12 months pummelled earnings at Wheelock Properties (Singapore) in the third quarter.
Net profit came in at $11.9 million, down 63.4 per cent from the same period a year earlier.
Revenue for the three months to Sept 30 was also hit, falling 26.8 per cent to $27.6 million.
The firm said revenue recognised from its luxury condominium project Ardmore Three, which is based on the progress of construction, was much lower than the revenue recognised from the sales of Orchard View and Scotts Square in the same period last year.
This was partially offset by higher interest income and dividend income from the group's investments and revenue from its malls.
Earnings per share for the same period shrank to 0.99 cents from 2.71 cents previously, while net asset value per share eased to $2.59 compared with $2.61 as at Dec 31.
Wheelock reported healthier botttom line numbers for the nine months to Sept 30, with earnings up 39.6 per cent to $131.4 million although revenue fell 51.2 per cent to $88.1 million.
Net profit for the nine months to Sept 30 was also bolstered by a one-off gain of $93 million in the first quarter, from the sale of its entire stake in SC Global Development to the firm's chairman and chief executive Simon Cheong.
Wheelock said three units at Ardmore Three had been sold at an average price of $3,158 per sq ft (psf). The freehold project comprises 84 three-bedroom units, each spanning about 1,800 sq ft. Construction is expected to be completed by next year.
It added that 79 per cent of 338 residential units have been snapped up at Scotts Square at an average price of $4,004 psf.
The firm acquired a 198,942 sq ft site in Ang Mo Kio Avenue 2 in April for more than $550 million, or $789.89 per square foot per plot ratio.
The site can yield 698 units with the project, The Panorama, expected to launch in the first quarter of next year.
Its retail and office investment Wheelock Place is 96 per cent occupied at an average monthly rental of about $13.50 psf. The firm said it had renewed 14 leases at the mall, while 11 tenants had signed new leases.
The overall occupancy rate at Scotts Square retail units was 95 per cent, with an average monthly rental of about $23 psf.
Wheelock said it had obtained approval to build phase one of a residential development in Fuyang city in China.
The 3.2 million sq ft residential site will comprise villas, townhouses, duplexes and apartments.
Wheelock shares closed unchanged at $1.685 yesterday.
[email protected]