perennial real estate
Chinatown Point, Singapore. Perennial

Perennial Real Estate Holdings on Tuesday reported a surge in third-quarter profit, boosted by share of results from its associated company, Yanlord Perennial Investment, which launched an offer for United Engineers.

Profit attributable to shareholders of the company climbed to S$16.8 million in the three months ended ended September 30 compared to S$425,000 in the same period a year earlier.

In July, a consortium led by Singapore-listed property developers Perennial Real Estate Holdings and Yanlord Land Group made a mandatory conditional cash offer for UE at S$2.60 per share.

Revenue dropped about 42 percent to S$20.4 million, the company said in a regulatory filing.

The main revenue contributors in the quarter were CHIJMES in Singapore as well as Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu in China.

The fall in revenue was largely due to the absence of revenue from TripleOne Somerset as a result of the deconsolidation following the divestment of a 20.2 percent equity stake on March 31, the company said.

As at September 30, the group's net debt to equity ratio stood at 0.59 times.

Shares in the company ended up 1.1 percent at S$0.885 on the Singapore Exchange on Tuesday.