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Axis REIT posts lower net income for 4Q

KUALA LUMPUR (Jan 17): Axis Real Estate Investment Trust Bhd (Axis REIT) posted a 21.9% decline in net profit for 4QFY11 ended Dec 31 to RM31.98 million from RM40.94 million a year ago.

Revenue for the quarter rose 12.1% to RM29.81 million from RM26.59 million a year ago, while basic earnings per share fell to 8.2 sen from 10.89 sen previously.

In a filing with Bursa Malaysia on Monday, Axis REIT said its total expenditure for 4QFY11 was RM13 million, of which RM4.6 million was attributable to property expenses and RM8.41 million to non-property expenses, while its realised income before taxation and available for distribution for 4QFY11 amounted to RM16.8 million.

For FY11, its net profit was down 20.03% to RM81.05 million from RM101.35 million in 2010, while its revenue rose 27.7% to RM114.73 million from RM89.85 million.

Axis REIT said total expenditure for FY11 was RM49.9 million of which RM17.36 million was attributable to property expenses and RM32.54 million to non-property expenses, while its realised income before taxation and available for distribution amounted to RM64.83 million.

To date, Axis REIT said it has paid a total income distribution of RM59.39 million to unitholders and has set aside RM6.35 million for income distribution as the final distribution, which translates to 1.4 sen per unit to be paid on Feb 29.

It added that RM13.21 million was incurred for the enhancement of its properties during 2011, with most of the expenses being spent for the refurbishment of Menara Axis and Crystal Plaza.

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