Wheelock Properties profits up 3.4% to $36.5m in Q2

Its sales from Scotts Square and Fuyang City project pulled it up.

Wheelock Properties Ltd reported its profits jumped 3.4% YoY to $36.5m in Q2.

According to OCBC, the company recorded higher sales from Scotts Square and the Fuyang City project, China, alongside lower selling and marketing expenses.

This was partially offset by lower sales from Ardmore Three and The Panorama and lower interest income from the group’s investment in quoted securities.

Revenue was cut by 57.2% to $128.7m after project developments gave lower contributions.

OCBC analyst Eli Lee said, "In addition, we also saw other income for the quarter decline given the absence of net gain on disposal of the group’s investments in quoted securities. All considered, we deem this quarter’s results to be fairly healthy and in line with expectations."

Among Wheelock's properties, Ardmore Three sold 85% of its units, whilst Panorama sold 100%.

Additionally, 88% of Scotts Square has been sold with 28 unsold units for lease.

Of the 755 units in the Fuyang City project in China, 96% or 725 units have been sold.

Occupancy rates for Wheelock Place is at 98%, whilst for Scotts Square Retail is at 97%.

The company's balance sheet holds $447.7m as is in a net cash position.