Axis REIT Q2 profit advances 15% to RM27mil

PETALING JAYA: Axis Real Estate Investment Trust’s (Axis REIT) net profit for its second quarter ended June 30 rose 15% to RM26.83mil from RM23.27mil in the previous corresponding period, due to better realised net income from operations amounting to RM24.42mil.

In a filing with Bursa Malaysia yesterday, the company said it has proposed to distribute 99.7% from the realised income available for distribution generated from operations for the second quarter of 2018.

Revenue during the quarter increased to RM47.45mil from RM41.64mil a year earlier.

For the six-month period ended June 30, Axis REIT’s net profit grew to RM58.26mil from RM45.91mil in the previous corresponding period, while revenue improved to RM92.54mil from RM84.33mil previously.

“The realised net income from operations was RM48.11mil after deducting total expenditure of RM44.43mil, of which RM14.08mil were attributable to property expenses, RM30.28mil to non-property expenses and RM67,000 to income tax expenses.

“The total net asset value stood at RM1.61bil and the net asset value per unit (before income distribution) was RM1.3098,” it said.

Axis REIT said a total of RM23.91mil was paid out for the first three months ended March 31, 2018 as the 2018 first interim income distribution, which translated to 1.94 sen per unit.

“Axis REIT has further set aside RM24.65mil as the 2018 second interim income distribution which translates to two sen per unit payable on September 2018.”

On its prospects, the company said it is optimistic in view of its current satisfactory performance.

With its existing investment portfolio and growth strategy to actively pursue quality acquisitions, Axis REIT said it will be able to maintain its current performance for the financial year ending Dec 31, 2018.