AHP, AHP2 record higher net profit

KUALA LUMPUR: Amanah Harta Tanah PNB (AHP) recorded a higher net profit of RM1.910 million in its third quarter ended Sept 30, 2009, up 18.34% from RM1.614 million in the preceding quarter last year.

Revenue for the period increased by 7.35% to RM3.680 million from the RM3.428 million achieved in the corresponding quarter in 2008.

In a filing to Bursa Malaysia on Nov 17, AHP attributed the increase to the higher realised gain on sale of quoted shares.

Nine-month cumulative net profit rose to RM5.923 million, up 2.57% from RM5.223 million in the same period last year.

AHP said the level of occupancy of the properties of the Trust remained at 97% as at the end of the current quarter, being the same as at the end of the preceding quarter.

“Based on the stable level of occupancy, the rental income is expected to remain within the present level for the remaining part of the financial year,” it said.

AHP engages in the investment of freehold and leasehold real estate properties. As of Dec 31, 2008, its portfolio consisted of 14 real estate properties, primarily shop premises.

Meanwhile in a separate filing, Amanah Harta Tanah PNB 2 (AHP2) recorded a higher net profit of RM623,000 for its first quarter ended Sept 30, 2009, an increase of 115.57%  from RM289,000 in the preceding quarter last year.

For the quarter, AHP2 recorded revenue of RM1.390 million, representing an increase of 32.13% from RM1.052 million recorded in the corresponding quarter last year.

AHP2 said the difference was mainly attributed to the unrealised loss on valuation of investment in quoted securities recorded in the corresponding quarter last year. The trust owns three commercial buildings in Kuala Lumpur, one in Ipoh, Perak and another in Penang. All five buildings were recently put up for sale by tender in line with the termination of the trust whose trading has been suspended from March 12.

“Notwithstanding the commencement of the termination process of AHP2, all of the real estates in the portfolio of the Trust which are located in Kuala Lumpur are expected to continue enjoying high level of occupancy, thus generating stable rental income,” it said.

It added that the performance of the two real estates located in Georgetown, Penang and Ipoh are expected to improve with the continuous efforts by the manager to increase the tenancies.