Wheelock’s FY15 earnings dip 6.5% to $40.3m

FY14 profits were boosted by one-off gains.

Without the exceptional gains booked last year from an investment in Hotel Properties Ltd, Wheelock Property’s net earnings for FY15 slipped 6.5% YoY to $40.3m.

According to a report OCBC, this dip in earnings was offset by the absence of asset write-downs for Scotts Square retail mall and the Fuyang residential project in China, which were similarly booked in FY14.

In FY15, Wheelock’s revenue skyrocketed 275.3% to $376.1m, thanks to increased share results from the company’s property arm with sales from Ardmore Three and Scotts Square and the write-back of impairments made on the Panorama.

The company also proposed a final dividend of $0.6, unchanged from FY14.