Perennial Q2 earnings slump 75% to S$2.2m

HIGHER finance costs and the absence of a fair value gain took a toll on results for real estate developer Perennial Real Estate Holdings for its fiscal second quarter ended June 30.

Earnings per share for the quarter came in at 0.13 Singapore cent, down from 0.52 cent for the year-ago period. For the six-months ended June 30, the group posted a net loss of S$24.8 million, versus a net profit of S$13.8 million in the previous year. This translated to a loss per share of 1.49 Singapore cents for H1 2019, from an EPS of 0.83 in the preceding year.Looking ahead, Perennial noted that the repositioning of retail in Capitol Singapore is on track and expected to complete by the third quarter this year.

"Concurrently, the group will continue to grow its footprint near High Speed Railway Stations by sourcing for more sites for injection into the healthcare joint venture."

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