COMMERCIAL PROPERTY | Staff Reporter, Singapore

Perennial Real Estate Holdings profit soars to $100.3m in 2017

This is despite a decrease of 32.4% YoY to $74.51m in revenue.

Perennial Real Estate Holdings Ltd (PREH) reported that its profit rose by 186.1% YoY, from $35.05m in 2016 to 100.3 in 2017.

This was due to the divestment gain from the sale of a partial stake in TripleOne Somerset, a $52.2m net fair value gains, and share of results from Yanlord Perennial Investment (Singapore) Pte Ltd.

However, revenue fell 32.4% YoY to $74.51m, which was due to the absence of revenue from TripleOne Somerset property, as well as the divestment of a 20.2% YoY equity stake in March last year.

PREH's Singapore assets’ revenue also decreased by 65.8% YoY to $20.2m, whilst China assets increased by 6.7% to $33m, which was due to higher revenue from Perennial Qingyang Mall.

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