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Atrium REIT's y-o-y net profit up 152%

KUALA LUMPUR: Atrium Real Estate Investment Trust's (Atrium REIT) net profit rose 152.5% to RM2.56 million for the second quarter ended June 30, 2010 (2QFY2010) from RM1.01 million a year ago, despite that revenue showed a slower increase.

Gross revenue for 2Q increased 17.5% to RM3.54 million from RM3.02 million a year ago while revenue was RM3.64 million, including other income of RM95,588.

Its manager Atrium REIT Managers Sdn Bhd said on Thursday, July 22 the trust's total expenditure for the quarter was RM 1.08 million, of which RM330,082 was property expenses and RM754,403 non-property expenses. Net asset value (NAV) was RM126.42 million. With units in circulation of 121.8 million, its NAV per unit was RM1.04.

The manager expects all the properties of the Atrium REIT to maintain its 100% occupancy rates for 2010, on the competitive rental rates, strategic locations and excellent facilities. 

"The leases for Atrium Shah Alam 1 and Atrium Puchong will be expiring on December 31, 2010 and September 18, 2010 respectively. The renewal of the tenancies which were expected to be concluded in the 2QFY2010 has been delayed; however, the manager has been assured by DHL regional office that DHL intends to renew the tenancies but is currently awaiting final approval from their Board of Directors.

"The manager will continue to actively identify good assets for new acquisition to improve the yield and to continue focusing on the strategy of having the investment properties leased long-term to reputable tenants," it added.

Atrium REIT's basic earnings per share for the quarter was 2.1 sen, up from 0.83 sen a year earlier.

It declared an interim income distribution of 2.15 sen per unit to be paid on August 27 to the unitholders as of Aug 9.
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