AmFirst REIT records higher profit

Am ARA REIT Managers Sdn Bhd recorded a higher post-tax profit of RM41.9 million, up by 11.6 per cent, for the financial year ended March 31, 2010 compared to RM37.5 million recorded in the previous financial year.

AM ARA REIT manages the AmFIRST Real Estate Investment Trust.

Its Chief Executive Officer, Lim Yoon Peng, attributed the better performance to prudent cost management, active asset management strategies and six well located assets in the Golden Triangle of Kuala Lumpur, Petaling Jaya, Kelana Jaya and Subang Jaya.

The company has proposed a final income distribution of 4.88 sen per unit for the six-month period from Oct 1, 2009 to March 31, 2010.

In a statement today, Lim said the company with its enhancement programmes will position the properties to remain competitive in the market and increase the current occupancy levels.

Meanwhile, the revaluation exercise on all of its six properties in the final quarter of financial year 2009/2010 has been completed.

Based on the unaudited results as at March 31, 2010, the net asset value per unit of AmFIRST REIT (after provision for distribution) will be RM1.35 upon incorporation of the revaluation surplus of RM12.142 million.

By Bernama