Amanah Harta Tanah PNB back in the black

PETALING JAYA: Amanah Harta Tanah PNB has returned to the black in the fourth quarter (Q4) ended Dec 31, 2017, after registering a net profit of RM8.99 million against a net loss of RM2.8 million in the previous corresponding quarter, due to unrealised gain on valuations.

The real estate investment trust’s (REIT) revenue for the quarter decreased 17.9% to RM7.62 million, compared with RM9.3 million previously.

It told the stock exchange yesterday that its total expenditure for the quarter reduced by 30% to RM4.61 million, from RM6.59 million in the corresponding period in 2016, mainly due to the deemed financing cost incurred in relation to the acquisition of Mydin Seremban 2.

For the full year, its net profit jumped more than 20-fold to RM17.42 million from RM830,000 a year ago, while revenue grew 41.5% to RM29.92 million from RM21.15 million previously.

On its outlook, the REIT said it forecasts property market activities will be soft this year in view of the downtrend in transaction volumes, challenges in occupancy and sluggish rental reversion upwards.

Taking the scenario into consideration, the REIT said it will continue to improve occupancy rates while injecting new accretive assets with the aim of generating better yields to ensure a sustainable income stream.

The Trust has declared a final income distribution of 2.5 sen a unit for the six month period ended Dec 31, 2017. The amount will be paid on Feb 28, 2018.

Its share price slipped 1.5 sen or 1.84% to 80 sen yesterday with some 47,700 shares done.