AmFIRST REIT net income grows to RM21.9m

KUALA LUMPUR: AmFIRST Real Estate Investment Trust (AmFIRST REIT) achieved a net income of RM21.9 million for the first half year ended Sept 30, 2012, compared to RM18.9 million in the preceding year.

Gross revenue rose to RM53.4 million from RM 46.2 million, whilst net property income grew from RM31.3 million to RM 35.8 million, as compared to the previous corresponding period.

Am ARA REIT Managers Sdn Bhd(Am ARA) is the manager of AmFIRST REIT.

In a statement today, Am ARA’s Chief Executive Officer Lim Yoon Peng said: "The improved results are attributed to the additional contribution from the newly acquired Prima 9 and Prima 10 properties completed on Nov 30 last year, plus improved occupancies across the investment portfolio."

He said for the six-month period ended Sept 30, 2012, the trust would distribute approximately 100 per cent of its realised earnings of RM 21.7 million.

This is equivalent to an income distribution of 3.16 sen per unit based on the enlarged unit holdings of 686.4 million units in circulation.

This rights issue exercise has brought gearing down to 28.7 per cent and the net asset value per unit has been adjusted to RM1.20, he added.

Am ARA said on Nov 1, the trust announced the completion of the acquisition of Kompleks Tun Sri Lanang which would contribute an additional income of approximately 0.13 sen per unit for the next five months, till the financial year ending March 31, 2013.

By Bernama