Perennial Real Estate Q2 profit rises to S$17.1m

PERENNIAL Real Estate Holdings on Tuesday announced a net profit of S$17.1 million for the second quarter ended June 30, up from S$0.6 million a year ago.

It attributed the significant increase in net profit to the fair value gain of S$16.6 million from the revaluation of Xi'an North High Speed Railway Integrated Development Plot 4.

Revenue fell 25.9 per cent to S$17.9 million, due mainly to lower project management fees, and the absence of revenue from TripleOne Somerset as a result of the deconsolidation following the divestment of a 20.2 per cent equity stake in March.

Earnings per share came up to 1.03 Singapore cents, up from 0.04 cent in the previous year.

No dividends were declared for the period.