Axis REIT net profit decreases 11% to RM32.5mil

PETALING JAYA: Axis Real Estate Investment Trust’s (REIT) net profit for its third quarter ended Sept 30, dropped 11% to RM32.56mil to RM36.46mil in the previous corresponding period, while revenue during the period under review stood at RM42mil compared with RM41.98mil a year earlier.

In a filing with Bursa Malaysia, it said total expenditure during the period under review was RM19.99mil, of which RM7.14mil were attributable to property expenses, RM12.84mil to non-property expenses and additional cost on disposal of RM6,000.

“The manager has proposed to distribute 99.69% from realised income available for distribution generated from operation for the third quarter of 2017,” Axis REIT said.

For the nine-month period ended Sept 30, Axis REIT’s net profit fell to RM78.47mil compared with RM98.03mil in the previous corresponding period, while revenue increased to RM126.33mil from RM124.97mil previously.

Axis REIT said it is optimistic that it would be able to maintain its current performance for the financial year ending Dec 31, 2017, in view of the current satisfactory performance of its existing investment portfolio.

Separately, Axis REIT said a revaluation exercise of six of its properties revealed that collected value of the properties resulted in an increase of 1.76% to RM570.90mil from the unaudited carrying value of RM561.03mil.