Monday, 16 April 2012

Axis REIT 1Q profit up 27% year-on-year

KUALA LUMPUR (April 16) : Axis Real Estate Investment Trust’s (Axis REIT) first quarter net profit rose 27% from a year earlier, as a higher top line, and a revaluation surplus mitigated the impact of higher expenses.

In a statement to the exchange on Monday, Axis REIT said its net profit came to RM20.96 million in the quarter ended March 31, 2012 versus RM16.49 million previously while revenue was up 18% to RM32.29 million from RM27.25 million.

Axis REIT said revenue was helped by income from two PROPERTIES [] acquired by the company during the quarter. The trust had also registered a property revaluation surplus of RM300,000 during the period, it said.

The property trust said it plans to reward shareholders with a first interim income distribution of 4.3 sen a unit, of which, a 4.25 sen portion is taxable while the 0.05 sen balance is tax-exempted.

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