Perennial Real Estate posts S$33.5m profit for eight months post-RTO

PERENNIAL Real Estate Holdings on Tuesday reported a total profit after tax and minority interests (Patmi) of S$33.5 million for the period of about eight months from October 2014 to June 2015.

This was post-completion of the reverse takeover (RTO) of St James Holdings on Oct 27, 2014.

Excluding the one-off transaction cost amounting to S$11.4 million arising from the RTO and the group's voluntary general offer (VO) for Perennial China Retail Trust (PCRT), Patmi for the period post-RTO amounted to S$44.9 million.

It said operating Patmi for the quarter ended June 2015 was S$8.8 million.

This was largely attributable to TripleOne Somerset and AXA Tower in Singapore, the predominantly retail China portfolio held by PCRT, a subsidiary of the group post-completion of the VO, as well as a one-off acquisition fee income arising from the acquisition of AXA Tower in the quarter.

Perennial's net debt to equity ratio as at end-June 2015 stood at 0.41 times.