Wheelock’s net profit up 2% to $11m in Q3

On back of higher luxury home sales.

Mainboard-listed luxury property developer Wheelock Properties reported that its net profit inched up 2% to $11m in the third quarter, driven by units sales at The Panorama, Scotts Square and Ardmore Three.

However, this was partially offset by lower rental income from Scotts Square Retail.

The group’s revenue surged 269% to $84m during the quarter, driven by a net gain on disposal of the Group’s investment in quoted securities.

In light of the weak luxury residential market, the group expects rental income from Wheelock Place and Scotts Square Retail will continue to contribute to its recurring income. It also expects its investments in quoted securities to provide regular source of income.