AmanahRaya REIT pre-tax profit up RM4.3m

AmanahRaya Real Estate Investment Trust (REIT) has chalked up a higher pre-tax profit of RM10.1 million for the fourth quarter ended Dec 31, 2010 from RM8.2 million in the corresponding period 2009.

Revenue increased to RM16.3 million from RM12 million.

In a filing to Bursa Malaysia today, it said the increase in revenue was due to the upward revision in rental rates for several investment properties and additional rental income received from two new investment properties.

"The increase in property expenses is mainly due to a higher provision allocated for repair and maintenance for Wisma Amanah Raya Bhd, Jalan Semantan, in financial year of 2010.

"On the other hand, the increase of the non-property expenses in the current quarter was mainly due to the increase in term loan interest and corporate exercise expenses after the drawdown of the additional new borrowing of RM111 million in the previous second quarter ended June 30, 2010," it said.

By Bernama