The manager of Quill Capita Trust (QCT), a real estate investment trust, saw its profit surge to RM7.1 million from RM3.63 million of the same period previously.
Its revenue also increased by 84 per cent to RM11.38 million from RM6.2 million in 2007.
QCM chief executive officer Chan Say Yeong said QCT's active acquisition strategy saw the value of its portfolio grow by 134 per cent from RM276 million at the initial public offering (IPO) stage to RM645.5 million currently via five new property purchases.
Chan: Sees continuing demand for quality assets
The acquisitions include Wisma Technip and the commercial units and car parks of Plaza Mont'Kiara for a total consideration of RM215 million, which were completed in September 2007.
Others are Quill Building 5-IBM, Quill Building 8-DHL (XPJ) and Quill Building 10-HSBC (Section 13), completed last month for a total purchase price of RM94.5 million.
"The higher revenue includes full rental income of Wisma Technip and the commercial units of Plaza Mont'Kiara for the quarter," Chan said in a statement yesterday.
He said in subsequent quarters, the firm will begin to fully account for rental income from the Quill Building series, thus further raising its revenue and profit.
Chan said with the current portfolio, the 2008 distribution per unit is projected to rise to 7.01 sen against six sen stated in the IPO forecast.
"We expect QCT's asset value to reach its target of RM750 million within the current financial year. With a low gearing of about 25 per cent, it is well-positioned to raise debts to make yield-accretive acquisitions when opportunities arise."
Chan added that strong demand for quality commercial assets, such as in the Klang Valley, Penang and Johor is expected to continue.
By New Straits Times
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