Perennial posts S$21m profit for half year

Singapore

PERENNIAL Real Estate Holdings Ltd (PREH) posted a net profit of S$20.97 million and revenue of S$21.76 million for the six months ended Dec 31, 2014, buoyed by fair value gains and income from operational property assets.

This marked a turnaround from a net loss of S$2.13 million in year-ago period from the entertainment businesses of St James Holdings Ltd, which was divested when PREH completed its reverse takeover (RTO) of St James on Oct 27, 2014. A one-off transaction cost of S$11.4 million arose from the RTO and the group's general offer for Perennial China Retail Trust.