AmFirst – BT

AmFirst REIT posts RM10m net profit

AMFIRST Real Estate Investment Trust (REIT) reported a RM10.4 million net profit on the back of RM22.2 million revenue in the third quarter ended December 31 2010, compared with a RM9.6 million net profit and RM24.7 million revenue in the previous corresponding period.

The firm attributed the 10 per cent slide in revenue mainly to a drop in average occupancy rate at the Kelana Brem Towers.

Outlook for office space market is expected to remain challenging.

However, AmFirst said its current tenancy profile and tenant mix are expected to mitigate impact to the bottom line in the remaining period of the financial year.