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Quill Capita Trust reports profit after tax of RM8.09 million

KUALA LUMPUR: Quill Capita Management Sdn Bhd (QCM), the manager of Quill Capita Trust (QCT), a commercial real estate investment trust listed on the Main Board of Bursa Malaysia Securities Bhd announced on Oct 26 in a press statement, a profit after tax of RM8.09 million for the 3Q ended Sept 30, 2009.

This is an increase of 18.3% from the RM6.84 million recorded in the corresponding quarter last year. In 3Q2009, QCT registered a revenue jump of 22.1% to RM16.81 million compared with RM13.77 million recorded in the corresponding quarter last year. The cumulative revenue for the first three quarters ended Sept 30, 2009, rose in tandem by 29.7% to RM50.39 million from RM38.84 million in the same period last year.

The growth in gross revenue and profit after tax came from the rental income from the 10 assets currently under the trust’s portfolio as compared to nine assets in 3Q2008.

“We managed to deliver a good set of results mostly due to our pool of international and local tenants who have signed on long-term leases at our properties. Our prudent debt management strategy also contributed to sustain QCT’s earnings in the current financial crisis. Going forward, QCT will continue this two-pronged approach of proactive tenant management and cost efficient measures to deliver value to shareholders,” said Datuk Mohammed Hussein, chairman of QCM.

According to Chan Say Yeong, chief executive officer of QCM, the company has also renewed its lease with HSBC Electronic Data Processing (Malaysia) Sdn Bhd for the entire Quill Building 2-HSBC. The renewed lease is for three years, commencing in November 2009.

“In addition, we have also completed asset-enhancement works to Quill Building 10-HSBC (Section 13) creating an additional net lettable area of 9.949 sq ft for HSBC, who is also our tenant in that building. We greatly value the relationships we have with our tenants, and believe in working closely with them to meet and grow their business needs,” said Chan.

Chan added that with the renewal of the HSBC lease, 84% of its portfolio’s leases expiring in 2009 have been renewed and the company is currently actively pursuing the remaining renewals.

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