Perennial Real Estate Q1 net profit more than quadruples to S$39m

PERENNIAL Real Estate Holdings on Monday posted a more than four-fold jump in quarterly net profit to S$38.7 million from S$8.5 million, led largely by divestment gains from the sale of a 20.2 per cent stake in TripleOne Somerset and the re-measurement gain from the retained 30 per cent stake in the same property.

Revenue for the first quarter to March fell 31.4 per cent to S$20.2 million from S$29.5 million and comprised mainly rental income from Chijmes and TripleOne Somerset, Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu.

The company attributed the fall in revenue to lower project management fees and rental revenue from TripleOne Somerset due to asset enhancement works for strata sale.

Earnings per share came in at 2.32 Singapore cents versus 0.51 Singapore cent a year ago.

No dividend was recommended.

The counter slipped 0.5 Singapore cent or 0.6 per cent to finish at 85.5 Singapore cents on Monday.