Perennial posts $24.7 million profit for October-March period

An artist's impression of Perennial Dongzhan Mall in Chengdu, China. -- PHOTO: PERENNIAL CHINA RETAIL 
An artist's impression of Perennial Dongzhan Mall in Chengdu, China. -- PHOTO: PERENNIAL CHINA RETAIL 

SINGAPORE - Mainboard-listed Perennial Real Estate Holdings announced on Friday a profit after tax and minority interest (Patmi) of $24.7 million for the five months from October 2014 to March 2015, post-completion of its reverse takeover (RTO) of St James Holdings last year.

Excluding the one-off transaction cost of $11.4 million, arising from the RTO and the group's voluntary general offer (VGO) for Perennial China Retail Trust, Patmi for the period after the RTO amounted to $36.1 million.

Operating Patmi for the first three months of the year was S$3.4 million, thanks largely to contributed from TripleOne Somerset and CHIJMES in Singapore, the predominantly retail China portfolio held by Perennial China Retail Trust, a subsidiary of the group post-completion of the VGO, as well as fee-based management business.

The company added that the completion last month of its acquisition of a 31.2 per cent stake in AXA Tower will mean a one-off acquisition fee of about $11.7 million, which will be recognised for the period from April to June. It said the acquisition will provide the group with a new source of recurrent income.

As at end-March, the group's net debt to equity ratio stood at 0.6 times.

Giving an update on its Singapore projects, Perennial said that Capitol Piazza, the retail component of Capitol Singapore, has received Temporary Occupancy Permits in February/March 2015. The development has close to 80.0 per cent committed occupancy, out of which 65.0 per cent are flagship stores or new-to-market brands.

As for its China projects:

· Chengdu East High-Speed Railway Integrated Development:

- Three 35-storey apartment blocks with some retail units have topped-out.

- Perennial Dongzhan Mall: One of Two Wings of the over 3million sq feet regional mall has topped out

· Shenyang Longemont Shopping Mall: H&M committed to over 21,500 sqft of space.