KUALA LUMPUR: Axis Real Estate Investment Trust’s (Axis-REIT) pre-tax profit for the first quarter (1Q) ended March 31 slipped to RM20.88 million from RM20.96 million in the same period last year.

Revenue, however, rose to RM35 million from RM32.29 million previously, the company said in a filing with Bursa Malaysia.

In a separate statement, Axis REIT Managers Bhd (ARMB), the manager of Axis-REIT, said the trust had declared a distribution per unit of 4.5 sen.

“Moving forward, we are working towards increasing the size of our portfolio through acquisitions with a view to building up the size of our fund as well as increasing its returns to investors.

“Several target acquisitions have been identified and we are hard at work finalising the transactions,” said ARMB CEO Stewart Labrooy.

He also said ARMB was keeping in line with the trust’s growth strategy by adopting its value added strategy by repositioning its older assets through enhancements. — Bernama

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