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Tuesday, April 22, 2008

QCM Q1 net profit jumps 95% to RM7.1mil

Revenue increases 84% to RM11.38mil

PETALING JAYA: Quill Capita Management Sdn Bhd (QCM) reported a 95.5% rise in net profit to RM7.1mil for the first quarter ended March 31 and has forecast full-year net profit at RM27.33mil.

QCM, which manages the real estate investment trust, Quill Capita Trust (QCT), said revenue rose 84% to RM11.38mil for the first quarter. In the first quarter for 2007, net profit and revenue were RM3.63mil and RM6.2mil respectively.

“The increased revenue and profit were driven by QCT’s active acquisition strategy which saw the value of its portfolio grow by 134% from RM275mil at the initial public offer (IPO) stage to RM645mil currently via five new property purchases,” it said in a statement yesterday.

The acquisitions of Wisma Technip and the commercial units and car parks of Plaza Mont’Kiara for RM215mil were completed in September 2007, it added.

The acquisitions of Quill Building 5-IBM, Quill Building 8-DHL and Quill Building 10-HSBC (Section 13) were completed last month for RM94.5mil.

QCM chief executive officer Chan Say Yeong said the higher revenue included the full rental income of Wisma Technip and the commercial units of Plaza Mont’Kiara for the quarter.

“In the subsequent quarters, we will begin to fully account for rental income from Quill Building 5-IBM, Quill Building 8-DHL and Quill Building 10-HSBC, and this will further raise our revenue and profit,” he said. With the current portfolio, QCM projected the 2008 distribution per unit to rise to 7.01 sen compared with six sen stated in the IPO forecast.

QCM expected asset value to reach its RM750mil target in the financial year ending Dec 31 (FY08). With a low gearing of 25%, it said it was well positioned to raise debts to make yield-accretive acquisitions when opportunities arose.

For FY08, QCM projected net profit at RM27.33mil on revenue of RM49.32mil.

It said the projections were based on higher income from rentals and car park in accordance with the existing lease and tenancy agreement. It also assumed that leases would be renewed.

For FY09, QCM projected net profit of RM29.38mil on revenue of RM53.84mil, based on higher rental income for three new properties.

By The Star

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