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Perennial Real Estate Q2 profit rises to S$17.1m

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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.

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.

sentifi.com

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