Wheelock Properties

Wheelock Properties: 1Q14 net profit crashed 87% to $14.3m mainly due to the absence of disposal gain of $93m for SC Global Development in 1Q13. Revenue slipped 7% to $25.3m on lower revenue recognised from Ardmore Three based on the progress of construction works. This was partially offset by higher dividend income and interest income received. Group's planning for the sales launch of Ardmore Three is underway, while works on Phase 2 launch of The Panorama is in progress. In China, the sales gallery and show units for the Fuyang project were completed in mid-Apr 2014 and a marketing launch is being planned. At $1.795, Wheelock trades at 0.72x P/B.