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Perennial Real Estate Q4 earnings more than double to S$38.5m

Perennial Qingyang Mall in Chengdu - Perennial Real Estate website.jpg
Higher contributions from Perennial Qingyang Mall (pictured) in Chengdu as well as three other properties helped to boost the group's revenue for the quarter.

HIGHER revenue contributions from its Singapore and China properties boosted earnings for real estate developer Perennial Real Estate Holdings in the fourth quarter.

For the three months ended Dec 31, 2019, net profit more than doubled to S$38.5 million, from S$16 million a year ago, Perennial said on Thursday.

This translated to earnings per share of 2.32 Singapore cents for the quarter, from 0.96 cent previously.

Revenue climbed 44 per cent on the year to S$33.1 million, from S$23 million.

This was mainly attributable to higher revenue contributions from Capitol Singapore, Chijmes and two Chengdu properties - Perennial Qingyang Mall as well as the Perennial International Health and Medical Hub - coupled with higher fee income.

A first and final dividend of 0.2 Singapore cent per share was proposed for FY2019, subject to shareholders' approval, versus 0.4 Singapore cent per share in FY2018. 

The date payable and books closure dates will be announced at a later date.

For the full year, net profit sank 95.1 per cent to S$3.8 million, from S$78.1 million in the preceding year, mainly due to lower fair value gains of S$68.9 million as compared to S$332.3 million in FY2018. Meanwhile, revenue rose 58.7 per cent to S$124.2 million last year, from S$78.3 million a year ago.

Perennial shares closed at 51.5 Singapore cents on Wednesday, down 0.5 cent or 1 per cent.