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.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit