Wheelock’s Q1 earnings drop 9.1% to $11.1m

The Panorama posted weak results.

Wheelock Properties’ net profit for 1Q16 tumbled 9.1% YoY to $11.1m, as revenue was slammed by weaker recognition at The Panorama.

According to a report by OCBC, the drop in earnings was also on back of weaker rental income from Scotts Square Retail as well as the absence of dividend income from the group’s investments.

Management asserts that as at end March 2016, 31 of 38 earmarked for leasing at Scotts Square has been leased at an average monthly rent of $5,000 per unit. Further, seven units have been sold at Ardmore Three at an average selling price of $3,300 psf following its re-launch on 14 April 2016.

In addition, 597 units have been sold at The Panorama while 253 of 345 units launched for sale at the Fuyang City project in China have been sold.