Commercial & Industrial Property News Update

Malaysia - Q3 Pre-tax Profit Jump Posted By Axis REIT

October 24, 2012

Axis REIT said that for the third quarter of the year, pre-tax profit increased to RM 19.3 million.

Pre-tax profit surged to RM 19.3 million for Q3 2012, said Axis Real Estate Investment Trust (REIT). This was significantly higher than the RM 16.8 million reported for the same period last year.

The advance in pre-tax profit was matched by a rise in revenue to RM 32.8 million from RM 29.2 million, said the REIT.

Total expenditure for the third quarter was RM 13.59 million, of which RM 4.98 million was attributed to property expenses, while a further RM 8.6 million was spent on non-property costs.

Axis REIT Managers Bhd (ARMB) announced the investment of RM 7.37 million for an asset enhancement initiative (AEI) for the 2.02 ha Infinite Centre. The refurbishment is meant to reposition the property as a business campus, increasing the competitiveness of the site, which occupies a prime location in Petaling Jaya.

The AEI is scheduled for completion sometime next year and is expected to bring a significant boost to the trust's rental income, said ARMB.

Moving forward, ARMB is optimistic that Axis REIT would be able to maintain its present performance for the coming quarter and the rest of FY ending 31 December 2012.

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