Atrium REIT posts higher Q2 pre-tax profit

Atrium Real Estate Investment Trust's (Atrium REIT) pre-tax profit for the second quarter ended June 31, 2012 rose to RM2.685 million from RM2.609 million in the same period last year.

Its revenue increased to RM4.064 million from RM3.520 million previously, it said in a filing to Bursa Malaysia today.

Atrium REIT said the improved result was mainly due to the positive contributions from Atrium USJ.

On prospects, Atrium REIT said it expected all its properties to maintain its 100 per cent occupancy rates save and except, temporary rental voids for Block C of Atrium USJ due to the changeover in tenants.

It said it would continue to actively identify good assets for acquisition to improve the yield and to continue focusing on the strategy of having the investment properties leased on long-term basis to reputable tenants. — Bernama

Atrium REIT Q1 net profit up 2.2% to RM2.72m

Atrium Real Estate Investment Trust's (Atrium REIT) first quarter earnings rose 2.2% to RM2.72mil in the first quarter ended March 31, 2012 from RM2.66mil a year ago.

It said on Tuesday its revenue rose at a stronger pace of 13.1% to RM4.05mil from RM3.52mil. Earnings per unit were 2.23 sen compared with 2.19 sen.

It declared dividend per share of 2.20 sen compared with 2.15 sen a year ago.

"The improved result is due mainly to the additional contribution from the newly acquired Atrium USJ," it said.

Atrium REIT said correspondingly, the property operating expenses and the finance costs had risen due to the new acquisition.

However, interest income declined due to a decrease in deposits with licensed financial institutions. Part of the funds was used to finance the acquisition of Atrium USJ and also to refund the excess security deposits back to the tenant/lessee.

"The Atrium REIT intends to distribute at least 90% of the distributable income (realised) to unitholders for the financial year 2012, which is exempt from tax pursuant to Section 61A(1) of Income Tax Act, 1967," it said.