SINGAPORE (Aug 11): Wheelock Properties announced earnings of $36.5 million for 2Q17 ended June, up 3.4% on-year from the $35.3 million in 2Q16.

This brings the group’s earnings for the half year to $46.6 million, 0.3% higher from $46.4 million posted in 1H16.

The improved quarterly performance comes despite 57.2% decline in revenue to $128.7 million over 2Q17, which was mainly attributable to lower sales in Ardmore Three and The Panorama as well as lower interest income from the group’s investment in quoted securities.

Other income was 64.5% lower at $1.5 million due mainly to the absence of net gain on disposal of the group’s investment in quoted securities. Included in other operating expenses was a $1 million write-back of diminution in value made on The Panorama.

Lower selling and marketing expenses were also registered in line with the lower sales in Ardmore Three.

Share of profit of associates net of tax was $2.5 million, more than triple from the $0.7 million reported a year ago.

In its outlook, Wheelock says it expects rental income from Wheelock Place and Scotts Square Retail, as well as its investment in quoted securities and share of profit of associates, to continue contributing to the group’s recurring income.

Shares in Wheelock Properties closed 2 cents lower at $1.80 on Friday.