TheEdge
KUALA LUMPUR: AmFirst REIT posted a net property income of RM40.64 million on the back of revenue RM57.85 million for the financial year ended March 31, 2008, outperforming its forecast stated in its listing prospectus.
In a statement yesterday, AmFirst manager Am ARA REIT Managers Sdn Bhd said the increase in revenue and income was mainly owing to the contribution from Kelana Brem Towers, which was acquired in June 2007, six months into AmFirst’s listing.
It said at the distributable income level, AmFirst achieved RM31.3 million against the projected RM31.1 million for the financial year.
“This translates to a distribution per unit (DPU) of 7.3 sen which gives unitholders an attractive distribution yield of 8.39% based on closing price of 87 sen for AmFIRST on March 31, 2008,” it said.
Am ARA REIT said it intended to pay out a DPU of 3.676 sen for the six-month period ended March 31, adding that 3.623 sen had earlier been paid out last November.
Am ARA REIT acting chief executive officer Anthony Ooi said the company was pleased to outperform its forecasts in terms of revenue, net property income and distributable income.
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