AmFirst REIT’s net profit for 2Q up 18.85%

KUALA LUMPUR: AmFirst Real Estate Investment Trust (AmFirst REIT) saw its net profit for the second quarter ended Sept 30, 2009 (2QFY2010), increase by 18.85% to RM10.35 million, from RM8.7 million a year earlier.

In a filing to Bursa Malaysia on Nov 10, the trust said the higher net profit was due to a reduction in the cost of borrowings. Its revenue, meanwhile, was up 7.5% to RM24.6 million in 2QFY2010, from RM22.9 million the previous year.

Its basic earnings per share improved to 2.41 sen in 2QFY2010, from 2.03 sen. It declared a dividend of 4.87 sen. On the enhancement front, the trust said it expects upgrading work at Menara Merais to be completed by the end of this month.
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