Axis REIT y-o-y net profit surged 74.5%

KUALA LUMPUR: Axis Real Estate Investment Trust saw its net profit surge 74.5% to RM21.88 million in its second quarter ended June 30, 2010 (2QFY2010), from RM12.54 million the previous year, due to higher revenue.

Its revenue increased 21% to RM21 million during the quarter under review, compared to RM17.36 million a year earlier. Total expenditure for the quarter was RM8.9 million, of which RM3.23 million were attributable to property expenses and the remaining for non-property expenses.

Realised income before taxation and available for distribution for the quarter stood at RM12.12 million.

Its manager, Axis-REIT Managers Bhd, added that Quattro West was fully leased out.

It has spent a total of RM7.48 million for enhancement for properties, with most of the expenses being spent for the refurbishment of Quattro West, during the first half of the year.