Wheelock’s net profit plummeted 85.3% to $17.55m in Q2

On back of hefty one-off gains last year.

Higher profit contributions from its residential projects failed to give Wheelock's bottom line a boost in Q2.

The group reported a staggering 85.3% profit drop to $17.55m during the quarter. Its 2Q14 results were inflated by a negative goodwill of $109m arising from the mandatory conditional cash offer for Hotel Properties Limited.

Despite uninspiring headline numbers, Wheelock reported a near-quadrupling of revenue on back of revenue recognised from The Panorama and sales from Scotts Square.

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