Mall owner Wheelock Properties has reported a loss of S$16.4 million for the three months to December 31.

A major contributor to the decline – from a $900,000 loss in the same period a year earlier – was a downwards revaluation of its Wheelock Place and Scotts Square shopping centres.

The property developer’s revenue more than doubled to $224.3 million, aided by condominium sales and its China business. But expenses rose significantly.

Full year revenue more than doubled to $769.7 million and net profit rose 45 per cent to $58.3 million.