Perennial Real Estate Holdings hit with $9.9m loss in Q3

This was mainly due to loss of gains from the revaluation of two Beijing plots.

Perennial Real Estate Holdings registered a $9.9m YoY loss in Q3 2019, the company’s SGX filing revealed. Revenue leapt 74% to $38.7m over the same period.

For the first nine months of 2019, the company was hit with $34.6m loss, although its revenue soared 64.9% to $91.2m.

Also read: Perennial Real Estate Holdings Q2 profits down 74.9% to $2.17m

The loss came mainly from a 91.2% plunge in earnings before interest and tax (EBIT) to $21.8m brought by an absence of fair value gain from the revaluation of two plots on Beijing Tongzhou Phase 1, as well as a higher finance costs from a rise in interest rates.

In contrast, the rise in revenue was mainly attributed to bigger contributions from Perennial International Health and Medical Hub (PIHMH) in Chengdu and Capitol Singapore, including the sale of a unit in Eden Residences Singapore. However, it was offset by lower management fee from the absence of a one-off acquisition fee.

Its Singapore assets accounted for 57.8% or $22.4m of the company’s revenue.