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Monday, July 16, 2012

UOA REIT Q2 pre-tax profit rises to RM14.5m

UOA Real Estate Investment Trust's pre-tax profit rose to RM14.583 million in the second quarter ended June 30, 2012, compared to the RM10.682 million posted in the same period last year.

Turnover for the quarter rose to RM24.409 million from RM20.286 million registered previously, the company said in a filing to Bursa Malaysia here today.

UOA REIT, which currently owns a RM 1.03 billion portfolio of six prime properties in Kuala Lumpur, said against the six months corresponding period last year, gross rental had improved by about 7.7 percent. It said the improvement is mainly due to better occupancy rates.

Meanwhile, total expenditure increased by about 10.9 per cent arising mainly from increased property operating expenses, and borrowing costs due to an increase in borrowing rates.

It said during the quarter under review, the occupancy rates remained stable with marginal improvement.

Barring unforeseen circumstances, the manager does not anticipate major fluctuation in the occupancy or rental rates in the second half of this year.

It will also continue to adopt an active operating and capital management strategy to enhance the yield and returns of existing properties while continuing to seek opportunities to further acquire real estate that meets the objectives of the trust.

By Bernama

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