• Quarterly revenue edged up by 6.5% to RM75.6 million from RM70.98 million in the previous corresponding quarter, as indicated in its bourse filing on Tuesday.

KUALA LUMPUR (Jan 23): Axis Real Estate Investment Trust's (Axis REIT) net property income (NPI) for the fourth quarter ended Dec 31, 2023 (4QFY2023) increased by 6.3% to RM66.16 million from RM62.22 million a year ago, on the back of higher revenue.

Quarterly revenue edged up by 6.5% to RM75.6 million from RM70.98 million in the previous corresponding quarter, as indicated in its bourse filing on Tuesday.

The REIT, which focuses on industrial assets, declared a final interim income distribution of 2.4 sen per unit, payable on Feb 29.

For the full financial year, Axis REIT's NPI increased by 0.4% to RM245.43 million from RM245.34 million, while revenue rose by 1.46% to RM285.99 million from RM281.89 million.

On a quarterly basis, the group's NPI came in 6.5% higher than the RM61.32 million recorded in the immediate preceding quarter (3QFY2023), while revenue increased by 5.1% from RM72.06 million in 3QFY2023.

Looking ahead, the group expressed optimism that the satisfactory performance of its existing property portfolio and its growth strategy to actively pursue quality investments would enable it to maintain its current performance for the coming financial year.

Axis REIT units settled one sen or 0.56% lower at RM1.77, valuing the group at RM3.09 billion.

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