Wheelock Properties Q1 profit falls 14% to S$12.26m

WHEELOCK Properties (Singapore) Ltd's profit for the first quarter ended March 31, 2015 fell 14 per cent to S$12.26 million, when compared to the same period last year.

But revenue jumped 292.5 per cent to S$99.24 million, thanks to revenue recognised from The Panorama based on the progress of construction works. This was partially offset by lower rental income from Scotts Square retail.

Cost of sales swelled from S$7.04 million to S$79.83 million year on year, which the group said was "in line with the increase in revenue for property development".

The increase in other operating expenses - from S$93,000 to S$4.15 million - was mainly due to "exchange loss arising from translation of bank loan denominated in foreign currency".

Earnings per share for the quarter stood at 1.02 cents - lower than Q1 2014's 1.19 cents per share.

As with last year's first quarter, no interim dividend was declared.