Perennial Real Estate H1 profits crashed 75.3% to $13.79m

It lost revenue after the sale of its stake in TripleOne Somerset.

Perennial Real Estate Holdings’ (PREH) profits for the first half of 2018 crashed by 75.3% to $13.79m from $55.79m last year. Revenue also fell by 13.1% to $33.08m from $38.08m last year.

According to its financial statement, revenue and profits were down after the company sold its 20.2% stake in TripleOne Somerset on 31 March 2017. “The group will continue with its strategy of strata sales and asset enhancement for AXA Tower and TripleOne Somerset,” it said.

This was partially offset by the inclusion of Capitol’s revenue and the new revenue stream from Perennial International Health and Medical Hub (PIHMH) which started operations in june 2018.

Also read: Can Perennial revive the ageing Capitol?

Singapore assets comprised 28.5% of total revenue at $5.2m. Operational assets in China represented 52%, whilst fee-based management businesses represented the remaining 19.5%.

For Q2, PREH’s profits also fell by 49.5% to $8.65m whilst revenue was up by 1.6% to $18.13m.