MRCB-Quill REIT 3Q net profit up 38% to RM21.38m

KUALA LUMPUR (Nov 17): MRCB-Quill REIT (MQReit)'s net profit for the third quarter ended Sept 30, 2017 (3QFY17) rose 38.1% to RM21.38 million from RM15.23 million a year earlier, on the back of higher realised revenue.

In a filing with Bursa Malaysia today, MQReit said revenue for the quarter rose to RM44.88 million from RM32.83 million a year earlier.

Earnings per share dipped to 2 sen from 2.3 sen previously.

For the nine months ended Sept 30, MQReit's net profit rose to RM66.59 million from RM45.85 million on the back of revenue of RM135.06 million versus RM97.77 million a year earlier.

Reviewing its performance, MQReit said as compared with 3QFY16, its realised revenue was higher by 37.9% due to additional revenue arising from the acquisition of Menara Shell on Dec 22, 2016 as well as higher rental income due to step-up rent adjustments from QB3, Wisman Technip, QB5 and QB2.

On its prospects, MQReit said it remains positive to deliver stable income distribution to unitholders for 2017.

"Moving foward to the next year, the Klang Valley office market is expected to remain challenging in the near term.

"In view of the above, we will focus on intensifying our asset management and leasing strategies to meet the challenging operating environment," it said.

At 12.30pm today, MQReit was up 0.79% or 1 sen to RM1.27 with 5,500 units traded. —

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