Perennial Q1 profit falls 86.7% in absence of one-off gain

Singapore

THE absence of a one-off gain from the partial divestment of TripleOne Somerset last year has resulted in an 86.7 per cent fall in first-quarter net profit to S$5.14 million for Perennial Real Estate Holdings.

Revenue in the three months ended March 31 was S$14.95 million, down 26.1 per cent in the absence of revenue from TripleOne Somerset, which Perennial now accounts for as an associate.