SINGAPORE (Feb 8): Perennial Real Estate Holdings reported earnings of $27.6 million for the 4Q ended December, from $25.6 million a year ago.
This brings full year earnings to $100.3 million, close to trebling from $35.1 million a year ago.
The higher 4Q earnings was mainly due to higher other income and share of results of associates and joints venture.
Revenue fell 25.7% to $16.0 million in 4Q17, from $21.5 million a year ago.
This was mainly attributable to the absence of revenue from TripleOne Somerset as a result of the deconsolidation following the divestment of a 20.2% equity stake in March 2017.
Other income grew 40.6% to $40.9 million in 4Q17, from $29.1 million a year ago.
This was mainly due to higher fair value gain on revaluation of investment properties in China held by subsidiaries.
Share of results of associates and joint ventures rose 57.2% to $20.9 million in 4Q17, from $13.3 million a year ago.
The increase was mainly contributed by share of fair value gains from investment properties held through associated companies and joint ventures.
As at end December, cash and cash equivalents stood at $111.7 million.
“Our focused efforts over the past three years in China, guided by our integrated real estate and healthcare strategy, have laid a strong foundation for us to become a dominant player in the high speed railway (HSR) and transportation hub real estate space, and in the medical, healthcare and eldercare services market in the country,” says Pua Seck Guan, chief executive officer of Perennial.
Pua adds that Perennial will continue the strata sales and asset enhancement works of TripleOne Somerset and AXA Tower, while seeking opportunities for new investments.
Perennial has announced a total annual dividend of 1.0 cent for the financial year ended Dec 31, 2017, compared to a total annual dividend of 0.4 cents a year ago.
Shares of Perennial closed 1 cent higher at 83.5 cents on Wednesday.
