Axis REIT 3Q profit up 90% on revaluation gains

KUALA LUMPUR: Axis Real Estate Investment Trust (Axis REIT) reported a 90% rise in net profit for the third quarter ended Sept 30 of 2013 financial year (3QFY13) from a year ago, mainly due to property revaluation gains.

In a statement to Bursa Malaysia yesterday, Axis REIT said net profit rose to RM36.67 million in the quarter from RM19.31 million. Revenue was higher at RM35.31 million compared with RM32.8 million.

“Based on the unaudited results as at Sept 30, 2013 [before revaluation], the net asset value per unit of RM2.1754 will increase to RM2.2073 upon incorporation of the revaluation surplus of RM14,637,000,” Axis REIT said.

Its cumulative nine-month net profit rose to RM81.91 million from RM59.73 million a year ago. Revenue climbed to RM105.79 million from RM97.97 million.

The property trust has proposed a third interim income distribution of 4.7 sen a unit for the quarter.

Axis REIT said it is optimistic of its performance for FY13 based on its “existing investment portfolio and growth strategy to actively pursue quality acquisitions”.

This article first appeared in The Edge Financial Daily, on October 22, 2013.



Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.