AXIS Real Estate Investment Trust’s (Axis-REIT) net profit increased about 10% year-on-year to RM29.28 mil for the first quarter (1Q) ended March 31, 2020.
This was achieved on a higher total trust income of RM54.77 mil, up 1.9% from the corresponding period of last year, it said in a filing with Bursa Malaysia.
Its manager, Axis REIT Managers Bhd, has proposed a distribution per unit (DPU) of 2.1 sen.
“The realised net income from operations was RM29.88 mil after deducting total expenditure of RM24.89 mil, of which RM8.16 mil was attributable to property expenses and RM16.73 mil to non-property expenses.
“The manager has proposed to distribute 99% from realised income available for distribution generated from operations for 1Q 2020,” it said.
On its prospects for the year, Axis-REIT Managers said while the Covid-19 pandemic’s impact on operations and financials had been manageable thus far, it might affect the trust’s performance for the rest of this financial year if the situation prolonged.
“During this challenging time, the manager will continue to closely collaborate with the tenants to provide the necessary support wherever possible.
“At the same time, the manager is committed to ensure the sustainability of its earnings per unit and DPU payouts to unitholders while continuing its long-term value creation via organic growth acquisition, greenfield development and ongoing asset enhancement strategies,” it added. – May 21, 2020, Bernama
