KUALA LUMPUR: Quill Capital Management Sdn Bhd (QCM), the manager of Quill Capital Trust (QCT), announced a total revaluation surplus of RM692,000 for the nine properties held under the trust, following a revaluation exercise recently.

The nine properties are Quill Building 1 (DHL 1) and Quill Building 4 (DHL 2), Quill Building 2 (HSBC), Quill Building 3 (BMW), Wisma Technip, part of Plaza Mont'Kiara, Quill Building 5 (IBM), Quill Building 8 (DHL - XPJ), Quill Building 10 (HSBC Section 13) and Tesco Building Penang.

On another matter, QCT declared a final distribution of 3.9 sen for its financial year ended Dec 31, 2009 (FY2009), which is expected to be paid on or about Feb 25 this year. An interim distribution of 3.78 sen has been paid on Aug 28 last year.

For its FY2009, QCT registered a higher net profit for its fourth quarter ended Dec 31, 2009 (4QFY2009) of RM32.42 million, from RM29.42 million the previous year. Its revenue for the quarter increased by 23.76% to RM67.38 million, from RM54.44 million a year earlier.

Chairman of QCM Datuk Mohammed Hussein said the better results are attributable to the company’s prudent cost management and active asset- management strategies.

“Our active asset-management strategies have provided income stability through signing renewals with creditworthy international and local tenants ahead of their lease expiry in 2009. Also, additional income is generated through the creation of more nett lettable area arising from the completion of asset-enhancement works at our property last year,” he said in statement on Jan 21.

Its chief executive Chan Say Yeong, meanwhile, said it successfully refinanced all its debt maturing in 2009, in terms of capital management, by replacing them with longer term financing.

“In addition, 96% of our borrowings are on fixed interest rates, which reduces our exposure to interest rate fluctuations in the market,” he added.

Meanwhile, QCT saw flat net profit of RM8.88 million for its fourth quarter ended Dec 31, 2009 (4QFY2009), from RM8.73 million the previous year.

Its revenue for the quarter, meanwhile, increased 8.88% to RM17 million from RM15.6 million a year earlier, due to full contribution from an additional asset acquired in the preceding year and increased rentals from some tenants.

Basic earnings per share for 4QFY2009 grew to 2.28 sen, from 2.24 sen the previous year.

Looking ahead, QCT will maintain its focus on tenant retention, capital management and cost efficiency measures in the coming year to achieve sustainable income distribution with the expected recovery of the economy.