Perennial Real Estate Q3 profit slumps 91%, revenue surges
Higher interest expenses hit bottomline; aggregate amount of loans repayable in one year or less balloons
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Singapore
REAL estate and China healthcare company Perennial Real Estate Holdings borrowed more heavily in its fiscal third quarter as earnings plunged, despite a jump in revenue that came largely on the back of strata sales at the TripleOne Somerset commercial property in Singapore.
Higher interest expenses, incurred as "more loans were taken to finance new investments which would provide the group with new stream of income and cashflows in the near future", ate away at the bottomline along with the absence of a one-off investment income booked the previous year, the group said in a Singapore Exchange filing on Tuesday evening.
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