Perennial posts profit of S$4.78m for quarter ended Sept 30

PERENNIAL Real Estate Holdings posted a net profit of S$4.78 million for the quarter ended Sept 30 from income-producing assets in Singapore and operational assets held by Perennial China Retail Trust, which was consolidated with effect from November 2014.

Revenue recorded for the quarter was S$22.9 million in the same period last year, thanks mainly to strong performance at CHIJMES and TripleOne Somerset in Singapore and Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu, in China.

Singapore assets contributed about 65.1 per cent of group's revenue, while Chinese assets accounted for 30.6 per cent. The remaining 4.3 per cent of group revenue came from the fee-based management businesses.

The group achieved S$18.8 million of Ebit (earnings before interest and tax) for the quarter ended Sept 30, largely driven by contribution from TripleOne Somerset, the operational malls in China as well as fee-based management businesses.

Perennial was formed through a reverse takeover (RTO) of St James Holdings, which was completed on Oct 27, 2014. The group's real estate business commenced from Oct 28 after the RTO, which is why the year-ago period figures are non-comparable due to the different nature of business.

It had on July 7 announced a change in financial year-end from June 30 to Dec 31. The group's financial year for fiscal 2015 will comprise six quarters ending Dec 31, 2015.