SINGAPORE (Aug 7): Perennial Real Estate Holdings reported revenue for 2Q19 ended June surged 52.4% to $27.6 million from $18.1 million. However earnings fell 74.9% to $2.2 million from $8.6 million on the back of higher finance costs.
Revenue growth for Perennial was driven mostly from Capitol Singapore and Perennial International Health and Medical Hub (PIHMH), as well as higher fee income from its management businesses. China remains the biggest revenue contributor with $13 million or 46.9% of revenue compared to Singapore, which contributed $9.9 million or 36% of revenue.
Finance costs for 2Q19 surged 54.1% to $31.8 million from $20.6 million due to higher interest rate and increased borrowings as additional loans were taken to fund investments. Also interest expenses previously capitalised on from the PIHMH were expensed off on the completion of the project.
