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Perennial Real Estate's net profit up 93% to S$41.1m for quarter ended Dec 31

PERENNIAL Real Estate Holdings has posted net profit of S$41.11 milion for the quarter ended Dec 31, 2015, up 93 per cent from the same year-ago period.

This was due mainly to slightly higher fair value gains on investment properties, improved contribution from operating assets in Singapore and China and the absence of a negative one-off transaction of S$11.4 million in the same year ago period.

Revenue rose 90 per cent to S$28.40 million. This was because the latest quarter has a full three-month revenue contribution from the real estate business while the year-ago quarter saw revenue for about two months as the property business started from Oct 28, 2014. Excluding this effect, the revenue for the latest quarter would still be higher year-on-year, on the back of more stable revenue from the operating malls in China as well as Chijmes, which received Temporary Occupation Permit in end December 2014, and higher management fees.

Earnings per share fell to 2.48 cents in the latest quarter from 2.95 cents in the year-ago quarter amid an increase in the number of shares issued.

Net asset value per share was S$1.688 as at Dec 31, 2015.

Perennial will issue a dividend of 0.4 cent per share for the six quarters ended Dec 31, 2015.

The counter ended one cent higher at 86 cents on Thursday.

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 started the following day. Last July, the group announced a change in its financial year-end from June 30 to Dec 31.