KUALA LUMPUR (Jan 16): Axis Real Estate Investment Trust (Axis REIT) net profit for the fourth quarter ended Dec 31, 2011 fell 21.89% to RM31.98 million from RM40.94 million a year ago, due mainly to property and non-property expenses.
It said on Monday that revenue for the quarter rose 12.1% to RM29.81 million from RM26.59 million in 2010.
Earnings per unit was 8.20 sen compared to 10.89 sen a year earlier, while net assets per unit was RM2.08.
For the financial year ended Dec 31, Axis REIT’s net profit fell 20.02% to RM81.05 million from RM101.35 million in 2010, while revenue for the year rose to RM114.73 million from RM89.85 million.
Reviewing its performance, Axis REIT said that for the financial year ended Dec 31 the total expenditure was RM49.89 million, of which RM17.36 million were attributable to property expenses and RM32.54 million to non-property expenses.
Meanwhile, realised income before taxation and available for distribution amounted to RM64.83 million, it said.
Axis REIT said that to-date, it had paid a total income distribution of RM59.39 million up to Nov 25, 2011, and that it had set aside RM6.35 million for income distribution as the final distribution which translates to 1.40 sen per unit to be paid on Feb 29, 2012.
It said a total of RM13.21 million was incurred for enhancement of the PROPERTIES [] during the year, with most of the expenses being spent for the refurbishment of Menara Axis and Crystal Plaza.
On its prospects, Axis REIT said in view of satisfactory performance of its existing investment portfolio and its growth strategy to actively pursue quality acquisitions, it would be able to maintain its current performance for the coming quarter and the rest of the financial year ending Dec 31, 2012.
It said on Monday that revenue for the quarter rose 12.1% to RM29.81 million from RM26.59 million in 2010.
Earnings per unit was 8.20 sen compared to 10.89 sen a year earlier, while net assets per unit was RM2.08.
For the financial year ended Dec 31, Axis REIT’s net profit fell 20.02% to RM81.05 million from RM101.35 million in 2010, while revenue for the year rose to RM114.73 million from RM89.85 million.
Reviewing its performance, Axis REIT said that for the financial year ended Dec 31 the total expenditure was RM49.89 million, of which RM17.36 million were attributable to property expenses and RM32.54 million to non-property expenses.
Meanwhile, realised income before taxation and available for distribution amounted to RM64.83 million, it said.
Axis REIT said that to-date, it had paid a total income distribution of RM59.39 million up to Nov 25, 2011, and that it had set aside RM6.35 million for income distribution as the final distribution which translates to 1.40 sen per unit to be paid on Feb 29, 2012.
It said a total of RM13.21 million was incurred for enhancement of the PROPERTIES [] during the year, with most of the expenses being spent for the refurbishment of Menara Axis and Crystal Plaza.
On its prospects, Axis REIT said in view of satisfactory performance of its existing investment portfolio and its growth strategy to actively pursue quality acquisitions, it would be able to maintain its current performance for the coming quarter and the rest of the financial year ending Dec 31, 2012.
