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.
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