Fair value gains lift Perennial's Q4 net profit

Singapore

PERENNIAL Real Estate's fourth- quarter profit rose 7.9 per cent to S$27.6 million, driven by fair value gains of S$39.2 million mainly from the revaluation of China projects.

Revenue in the three months to Dec 31 sank 25.7 per cent to S$16 million, owing to the partial divestment of TripleOne Somerset on March 31. Perennial retains a 30 per cent stake in the development and accounts for it as an associate.

A bulk of revenue or S$9.3 million came from the China retail and office portfolio, up from S$8.4 million in the same period a year earlier. This was mainly rental income from Perennial Jihua Mall in Foshan and Perennial Qingyang Mall in Chengdu, whereas oc…