AmFirst posts higher net income from rental rates

Posted on | February 18, 2009

By THE STAR

PETALING JAYA: AmFirst Real Estate Investment Trust said net income for its third quarter ended Dec 31 rose 12.3% to RM9.04mil from RM8.05mil in the previous corresponding period, lifted by higher rental rates at its properties.

Revenue was RM23.5mil versus RM15.2mil previously.

“AmFirst achieved another strong set of results for both the third quarter and the nine-month period, with our properties continuing to demonstrate the ability to attract and retain high-quality tenants,” Am ARA REIT Managers Sdn Bhd chief executive officer Lim Yoon Peng said in a statement yesterday.

Am ARA is the the trust manager.

“We have lined up enhancement and repositioning works for our properties and they will commence within the first quarter of this year,” he said.

On the acquisition front, AmFirst announced last month that it would acquire an additional three-floor space at Menara Summit in Subang Jaya. This brings the fund’s total ownership at Menara Summit to 12 office floor space out of the 13 floors available. AmFirst owns the hotel block and car parks there.

The fund currently has six properties under its portfolio worth RM840mil.

Nine months’ net profit was RM27.35mil, or 6.38 sen per unit, compared with RM23.56mil, or 5.5 sen per unit, in the previous corresponding period.

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