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Tuesday, April 24, 2012

Atrium REIT Q1 net profit up 2.2% to RM2.72m

KUALA LUMPUR: Atrium Real Estate Investment Trust's (Atrium REIT) first quarter earnings rose 2.2% to RM2.72mil in the first quarter ended March 31, 2012 from RM2.66mil a year ago.

It said on Tuesday its revenue rose at a stronger pace of 13.1% to RM4.05mil from RM3.52mil. Earnings per unit were 2.23 sen compared with 2.19 sen.

It declared dividend per share of 2.20 sen compared with 2.15 sen a year ago.

"The improved result is due mainly to the additional contribution from the newly acquired Atrium USJ," it said.

Atrium REIT said correspondingly, the property operating expenses and the finance costs had risen due to the new acquisition.

However, interest income declined due to a decrease in deposits with licensed financial institutions. Part of the funds was used to finance the acquisition of Atrium USJ and also to refund the excess security deposits back to the tenant/lessee.

"The Atrium REIT intends to distribute at least 90% of the distributable income (realised) to unitholders for the financial year 2012, which is exempt from tax pursuant to Section 61A(1) of Income Tax Act, 1967," it said.

By The Star

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