HIGHER finance costs and the absence of a one-off gain dampened results for real estate developer Perennial Real Estate Holdings for its third quarter ended Sept 30.
It fell into the red, posting a net loss of S$9.9 million, from net profit of S$48.3 million in the preceding year. Revenue jumped 74 per cent to S$38.8 million from the previous year, largely due to the improved contributions from Perennial International Health and Medical Hub in Chengdu and Capitol Singapore, which included the sale of a unit in Eden Residences Singapore.
Cost of sales was at S$26.6 million, up nearly 90 per cent from the year-ago quarter, as it included the property cost of the unit sold during the quarter.Meanwhile, finance costs rose 4.8 per cent to S$31.1 million due to higher interest rates. The group drew additional loans to fund new investments and interest expenses of PIHMH which were expensed off following the completion of the project.
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Source: BusinessTimes - 🏆 15. / 51 Read more »