By Cheryl Tay:
Wheelock Properties (S) Ltd’s net profit fell sharply by 60 percent to S$32.38 million in Q3, from S$80.77 million in Q3 last year. At the same time, its turnover fell 77 percent, from S$164.39 million to S$37.65 million, reported The Business Times.
For the first three quarters, the company’s profit dropped by nearly 45 percent to S$94.07 million, compared to the same period in 2011, while its turnover declined by 46 percent to S$180.39 million.
The significant drop in revenue has been attributed primarily to lower sales at Scotts Square (pictured) compared to last year, as well as zero further progressive recognition of profits from units sold in the development.
Consequently, earnings per share for the first nine months this year stood at 7.86 cents, down from 14.22 cents last year.
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