SINGAPORE (Aug 5): Property and healthcare group Perennial Real Estate Holdings saw 2Q16 earnings fall 93.2% to $0.6 million from $8.8 million a year ago on lower revenue.

Revenue for the three months to June came in at $24.1 million. This was largely contributed by CHIJMES and TripleOne Somerset in Singapore, as well as Perennial Jihua Mall and Perennial Qingyang Mall in China.

However, the top line was 38.7% lower than the $39.3 million registered in the same period last year. This was mainly due to the absence of a one-off acquisition fee of $11.7 million received in 2Q15 and lower rental revenue from TripleOne Somerset, as expiring leases were not renewed in preparation for the asset enhancement works and strata sales which commenced in 2Q16.

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