SINGAPORE (March 1): Wheelock Properties reported revenue for 4Q and FY16 doubled to $224.3 million and $769.7 million respectively from a year ago.

Full year earnings rose 44.7% to $58.3 million although 4Q losses widened to $16.4 million from $0.9 million a year ago.  

The stronger topline for 4Q and FY16 was mainly due to the sale of completed units from Ardmore Three, Yongjinshan and Scotts Square although this was partially offset by lower sales in Scotts Square and lower dividend and interest income from the group’s investment in quoted securities.

The increase in cost of sales for 4Q and FY16 was in line with the increase in revenue for property development. The decrease in other income for FY16 was mainly due to lower net gain on disposal of the group’s investment in quoted securities.

As at end Dec, Wheelock Place was revalued from $912 million to $876 million and Scotts Square Retail was revalued from $234 million to $216 million. Altogether, changes in fair value of $56 million, including improvement works to investment properties of $2 million, was accounted for under other operating expenses.

Other operating expenses also included a $8 million write-back of diminution in value made on The Panorama.

Borrowings as at Dec 31 2016 were nil compared to $515 million in Dec 31 2015 as bank loans were fully repaid.

In its outlook, Wheelock says its development properties continue to sell in a challenging market. Rental income from Wheelock Place and Scotts Square Retail as well as the group’s investment in quoted securities, will continue to contribute to the group’s recurring income. Meanwhile, construction for The Panorama is in progress and targeted for completion in 2017. Active marketing is also ongoing for both Ardmore Three and The Panorama.

Shares of Wheelock are down 2 cents at $1.80.