BusinessTimes
Am ARA REIT Managers Sdn Bhd, the Manager of AmFIRST Real Estate Investment Trust (AmFIRST), has posted revenue of RM23.65 million for the first quarter ended 30 June 2009, a 5 per cent increase from RM22.52 million registered in the previous corresponding quarter.
Net property income for the period grew marginally to RM15.23 million compared to RM15.07 million in the corresponding period last year, while profit after tax rose 10 per cent to RM10.58 million against RM9.60 million before. Earnings per unit was 2.47 sen.
The improved performance arose from the contribution of income derived from positive rental reversions recorded from its three properties - Kelana Brem Towers, The Summit Subang USJ and Menara AmBank.
“AmFIRST achieved a set of favourable income for the first quarter despite the current global economic slowdown, that have also impacted the REITs industry worldwide,” chief executive officer Lim Yoon Peng said in a statement.
He said the properties also continue to attract and retain quality tenants, thus generating steady rental income for the Trust.
For this year, the manager has lined up enhancement and repositioning works for its properties. The first building involved – Menara Merais in Petaling Jaya - should see its renovation works completed by November this year.
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