ARREITs FY09 pre-tax profit down to RM31 million

KUALA LUMPUR: Amanahraya Real Estate Investment Trust (ARREIT) registered a lower pre-tax profit of RM30.88 million for its financial year ended Dec 31, 2009, compared with RM67.07 million in the previous year.

Revenue, however rose to RM46.52 million from RM45.56 million.

Its pre-tax profit during the fourth quarter dropped to RM8.17 million from RM43.91 million in the same quarter of 2008, while revenue rose to RM12 million from RM11.37 million previously.

In a filing to Bursa Malaysia on Feb 10, ARREIT said the higher revenue was due to an increase in rentals for certain properties.

It said a further increase in property expenses from RM291,889 to RM348,313 in the current quarter, was due to further additional provisions for landslip recuperation.

ARREIT said it is also actively identifying good assets for new acquisitions, to continuously improve yield and further diversify its portfolio to balance sectoral risks. -- Bernama
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