Axis – thestar

Axis REIT posts rise in Q2 net profit

Axis Real Estate Investment Trust (Axis REIT), which owns mostly industrial properties, has posted a 74.51% rise in net profit to RM21.87mil for the second quarter ended June 30, compared with the same quarter a year ago.

According to Axis-REIT Managers Bhd CEO and executive director Stewart Labrooy, the jump in net profit was due to a combination of revaluation surplus and realised gains from distributed profit and revaluation gains. He told StarBiz that the revaluation brought the REIT a surplus of RM9mil. Axis-REIT Managers is the manager of Axis REIT.

Revenue for the quarter under review stood at RM21mil, a rise of just over 21% compared with year ago. Labrooy said in a statement that performance for the third quarter would improve due to the satisfactory performance of the existing portfolio and Quattro West coming onstream.