Wheelock’s 4Q loss narrows to $1 million on investment disposal

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SINGAPORE (Feb 29): Wheelock Properties narrowed its 4Q loss to $1 million from $103 million a year ago on a surge in other income.

Revenue rose 302.7% to $108 million for the 4Q, lifted by sales of units in The Panorama, Ardmore Three and Scotts Square. This was partially offset by lower rental income from Scotts Square Retail.

For the full year ended Dec, earnings dipped slightly to $40.3 million from $43.1 million a year ago. Revenue rose nearly four times to $275.3 million.

There was also an increase in other income for the full year to $22.1 million from $0.3 million a year ago, mainly due to the net gain on disposal of a large part of the group’s investment in quoted securities.

Looking ahead, rental income from Wheelock Place and Scotts Square Retail will continue to contribute to the group’s recurring income.

Construction for The Panorama is in progress and targeted for completion in 2017 while Phase 1 construction for the Fuyang project is in progress and is expected to be completed in 2016.

The board has proposed a first and final dividend of 6 cents, unchanged from a year ago.

Wheelock Properties closed 0.36% lower at $1.40.