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.
