AXIS Real Estate Investment Trust Bhd (Axis-REIT) reported an 88 per cent surge in fourth quarter net profit, driven mainly by the higher value of its properties.
However, excluding revaluation gains, its net income from operations was RM10.5 million, a third higher than what it made in the same period last year.
Out of this, it will distribute RM10.38 million to unitholders.
Axis-REIT made a net profit of RM35 million for the quarter to December 31 2008. About 70 per cent of that was due to revaluation gains.
Revenue from rental income increased by 30 per cent to RM16.93 million.
Axis-REIT said it will be able to maintain a strong performance for the coming quarter and the financial year ending December 2009.
Its existing investment portfolio as well its strategy to actively pursue quality buys will drive growth.
However, for the 12 months period, net profit dipped 7.5 per cent to RM63.4 million, mainly because the value of its assets grew at a slower pace in 2008.
Revenue in the same period increased by 36 per cent to reach RM63.44 million.
For 2008, Axis-REIT will distribute 99.31 per cent of its realised income before tax of RM38.7 million.
"This translates into a distribution per unit of 15.27 cents for year 2008," it said.
Beginning January 1 2009, Axis-REIT will change its current income distribution policy from semi-annual payment to quarterly payment.
By Business Times
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