AmFirst REIT's 2Q net profit at RM8.05m

KUALA LUMPUR: AmFirst Real Estate Investment Trust (AmFirst REIT) posted a net profit of RM8.05 million on the back of revenue totalling RM15 million in the second quarter ended Sept 30, 2007.

AmFirst REIT said yesterday, the cumulative net profit for the six months to Sept stood at RM15.54 million with a revenue of RM27.82 million.

It declared 100% of its net income for the period amounting to 3.62 sen as income distribution.

"Considering the tight supply of office space in the Golden Triangle, the trust's properties are expected to renew their tenancies at higher rental rates for the remaining period of the year.

"The manager will continue to adopt its operating strategy to enhance the performance of the existing properties and will also continue to pursue its acquisition strategy to grow the income and asset size," it said.

AmFirst REIT said the board of directors of the manager was of the opinion it would achieve its forecast profit for the year ending March 31, 2008 as stated in its prospectus.

By The EDGE (By Kevin Tan)