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Perennial reports 1Q loss of $27 mil on higher finance, startup and operating costs

PC Lee
PC Lee5/7/2019 05:40 PM GMT+08  • 2 min read
Perennial reports 1Q loss of $27 mil on higher finance, startup and operating costs
SINGAPORE (May 7): Perennial Real Estate Holdings reversed into 1Q19 losses of $26.9 million, compared to earnings of $5,1 million a year ago.
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SINGAPORE (May 7): Perennial Real Estate Holdings reversed into 1Q19 losses of $26.9 million, compared to earnings of $5,1 million a year ago.

The negative bottomline was mainly due to higher finance costs and expensing of startup and operating costs for Perennial International Health and Medical Hub (PIHMH) in Chengdu and The Capitol Kempinski Hotel Singapore.

Revenue for 1Q19 at $24.9 million was 66.3% higher than a year ago, mainly lifted by revenue from Capitol which was consolidated since May 2018, revenue from PIHMH and higher fee income from its management businesses.

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