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PERENNIAL Real Estate Holdings on Tuesday announced a net profit of S$17.1 million for the second quarter ended June 30, up from S$0.6 million a year ago.
It attributed the significant increase in net profit to the fair value gain of S$16.6 million from the revaluation of Xi'an North High Speed Railway Integrated Development Plot 4.
Revenue fell 25.9 per cent to S$17.9 million, due mainly to lower project management fees, and the absence of revenue from TripleOne Somerset as a result of the deconsolidation following the divestment of a 20.2 per cent equity stake in March.
Earnings per share came up to 1.03 Singapore cents, up from 0.04 cent in the previous year.
No dividends were declared for the period.