AmFirst REIT records higher profit

AM ARA REIT manages the AmFIRST Real Estate Investment Trust.

Its Chief Executive Officer, Lim Yoon Peng, attributed the better performance to prudent cost management, active asset management strategies and six well located assets in the Golden Triangle of Kuala Lumpur, Petaling Jaya, Kelana Jaya and Subang Jaya.

The company has proposed a final income distribution of 4.88 sen per unit for the six-month period from Oct 1, 2009 to March 31, 2010.

In a statement today, Lim said the company with its enhancement programmes will position the properties to remain competitive in the market and increase the current occupancy levels.

Meanwhile, the revaluation exercise on all of its six properties in the final quarter of financial year 2009/2010 has been completed.

Based on the unaudited results as at March 31, 2010, the net asset value per unit of AmFIRST REIT (after provision for distribution) will be RM1.35 upon incorporation of the revaluation surplus of RM12.142 million

AmFirst REIT posts moderate Q1 growth

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.