Wheelock Properties’ 3Q earnings more than double to $28 million on higher sales

SINGAPORE (Nov 11): Wheelock Properties reported 3Q16 earnings more than doubled to $28.3  million from a year ago, driven by higher sales.

Revenue for the quarter rose 81.9% to $152.6 million, driven by unit sales in Ardmore Three and The Panorama, which were partially offset by lower unit sales in Scotts Square and dividend and interest income from the company’s investments.

Wheelock says profits on pre-sale of development properties in Singapore are recognized with a percentage of completion method, which is measured with reference to the construction costs incurred at the reporting date to the construction costs estimate for the project. This may lead to volatility of earnings between comparable periods.

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