See: Wheelock Properties records 3.4% rise in earnings to $36.5 mil
However, Wheelock saw its revenue decline by 57.2% y-o-y to $128.7 million, attributed to lower contributions from project developments.
In a Tuesday report, analyst Eli Lee says, “All considered, we deem this quarter’s results to be fairly healthy and in line with expectations.”
The analyst deems that Wheelock has achieved a respectable level of sales across its launched projects despite a relatively muted primary sales activity in the group’s high end segment in 1H17.
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Meanwhile, about 85% of Ardmore Three has been sold and Panaroma is currently fully sold.
Scotts Square also reported an overall occupancy rate of 82%, with 88% of the units sold and 28 unsold units earmarked for lease.
The group’s Fuyang City project in China saw about 96% of units already sold.
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Wheelock’s balance sheet remains solid with $447.7 million in cash and equivalents and is in a net cash position.
Shares in Wheelock are trading at $1.83 as at 11.26am.
