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Starhill REIT 1Q net profit down 24.67% to RM15.42m

Starhill REIT 1Q net profit down 24.67% to RM15.42m
Lam Jian Wyn of TheEdgeProperty.com
KUALA LUMPUR: Starhill Real Estate Investment Trust's (Starhill REIT) net profit fell 24.67% to RM15.42 million for its first quarter (1Q) ended Sept 30, 2010 from RM20.47 million a year ago on lower revenue.
Its turnover plunged 70.6% to RM8.24 million from RM28.05 million on the disposal of the Lot 10 parcels and Starhill Gallery.
Its basic earnings per share stood at 1.31 sen, down from 1.74 sen a year ago while its net asset value remained at RM1.16.
The REIT is now focusing on acquiring hospitality assets in Malaysia and abroad that will offer yield accretive returns to its unitholders, said its fund manager Pintar Projek Sdn Bhd.
The fund manager expects the fund to perform satisfactorily this financial year in light of the strength of its assets.
Starhill Real Estate Investment Trust,Starhill REIT,Lot 10,Starhill Gallery,Pintar Projek Sdn Bhd
KUALA LUMPUR: Starhill Real Estate Investment Trust's (Starhill REIT) net profit fell 24.67% to RM15.42 million for its first quarter (1Q) ended Sept 30, 2010 from RM20.47 million a year ago on lower revenue.

Its turnover plunged 70.6% to RM8.24 million from RM28.05 million on the disposal of the Lot 10 parcels and Starhill Gallery.

Its basic earnings per share stood at 1.31 sen, down from 1.74 sen a year ago while its net asset value remained at RM1.16.

The REIT is now focusing on acquiring hospitality assets in Malaysia and abroad that will offer yield accretive returns to its unitholders, said its fund manager Pintar Projek Sdn Bhd.

The fund manager expects the fund to perform satisfactorily this financial year in light of the strength of its assets.
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