Perennial's profit dives on higher costs, lack of fair value gain

Singapore

HIGHER finance costs and the absence of a fair value gain took a toll on results for real estate developer Perennial Real Estate Holdings for its fiscal second quarter ended June 30.

Net profit plunged 74.9 per cent to S$2.2 million, from S$8.6 million a year ago, mainly due to higher net finance cost attributed to higher interest rates and additional loans to fund new investments.