Perennial Real Estate's Q4 profit falls 38% to S$25.56m

PERENNIAL Real Estate Holdings on Wednesday posted a nearly 38 per cent fall in net profit for its fourth quarter ended Dec 31, 2016, to S$25.56 million, down from S$41.1 million a year ago.

Revenue also fell some 24 per cent to S$21.5 million, compared with the S$28.4 million registered in the same period last year. Perennial said that the decrease was due mainly to lower rental revenue from TripleOne Somerset, as expiring leases were not renewed due to asset enhancement works which have commenced since Q2.

Earnings per share for the quarter came up to 1.53 Singapore cents, down from 2.48 cents in the previous year.

The real estate group is recommending a first and final ordinary dividend of 0.4 Singapore cent per share for the financial year ended Dec 31, 2016, subject to shareholders' approval.