Perennial's Q3 profit boosted by UEL stake

Singapore

INTEGRATED real estate and healthcare company Perennial Real Estate Holdings saw its third-quarter net profit substantially boosted as a re-sult of an offer earlier this year for United Engineers (UEL).

Perennial's net profit attributable to shareholders climbed to S$16.9 million for the quarter ended Sept 30, 2017, from S$425,000 the year before. It said this was due mainly to the group's effective share of results from associate company Yanlord Perennial Investment's (YPI), which had launched an offer for UEL shares and closed the offer in September with a stake of 33.5 per cent in UEL.