SINGAPORE (Nov 14): Wheelock Properties reported 3Q17 earnings increased by 72.1% to $48.8 million compared to 28.3 million in 3Q16.
Revenue for the three months ended September rose 19.7% to $182.7 million from $152.6 million a year ago.
Cost of sales rose 28.4% to $156.1 million from $121.6 million last year.
As a result, the group’s 3Q17 gross profit came up to $26.5 million, 14.5% lower than $31.1 million recorded a year ago.
Other income dropped 19.0% to $1.6 million from $1.9 million last year.
As at Sept 30, 78 of the 84 units at Ardmore Three have been sold.
Meanwhile, 299 of the 338 units at Scotts Square have been sold. Of the 28 unsold units earmarked for lease, 71% have been tenanted.
All 698 units at The Panorama have been sold since June.
In China, about 98% or 765 of the 784 units launched in Phase 1 and 2A of 雍景山 have been sold.
Wheelock also says occupancy in its investment properties remains high. Overall occupancy for Wheelock Place was 94%, of which another 3% has been pre-committed, while that for Scotts Square Retail was 99%.
Shares in Wheelock Properties closed $1.95 on Tuesday.
