KUALA LUMPUR: AmFirst Real Estate Investment Trust net profit for the fourth quarter ended March 31, 2011 fell to RM14.42 million from RM23.53 million a year earlier, due mainly to reduction in occupancy rates and cessation of income guaranteed.
Revenue for the quarter fell to RM19.12 million from RM25.28 million in 2010. Earnings per unit was 3.36 sen while net assets per unit was RM1.41.
AmFirst declared a final income distribution of 4.94 sen per unit (of which 4.027 sen per unit is taxable and 0.913 sen per unit is tax exempt) in respect of the six-month period ended March 31, 2011.
For the financial year ended March 31, AmFirst's net profit decreased to RM43.36 million from RM54.06 million a year earlier on the back of revenue RM88.54 million.
Reviewing its performance, AmFirst said on Monday, May 9 that the realised income available for distribution was slightly lower by 4.3% due to cessation of guaranteed minimum net income for the Summit Subang USJ provided by Bounty Dynamics Sdn Bhd (Formerly known as Meda Development Sdn Bhd) and drop in average occupancy rate of Kelana Brem Towers and Menara Merais.
Office rental market remained soft and continues to be under pressure with average rental rates continue to experience downward pressure due to the anticipation of incoming new supply in the next few years, it said.
On its prospects, AmFirst said it expects to maintain its performance based on its current tenancy profile, diversity of the tenants mix and its continuous efforts on proactive asset enhancements and portfolio management for the financial year ending March 31, 2012.
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Revenue for the quarter fell to RM19.12 million from RM25.28 million in 2010. Earnings per unit was 3.36 sen while net assets per unit was RM1.41.
AmFirst declared a final income distribution of 4.94 sen per unit (of which 4.027 sen per unit is taxable and 0.913 sen per unit is tax exempt) in respect of the six-month period ended March 31, 2011.
For the financial year ended March 31, AmFirst's net profit decreased to RM43.36 million from RM54.06 million a year earlier on the back of revenue RM88.54 million.
Reviewing its performance, AmFirst said on Monday, May 9 that the realised income available for distribution was slightly lower by 4.3% due to cessation of guaranteed minimum net income for the Summit Subang USJ provided by Bounty Dynamics Sdn Bhd (Formerly known as Meda Development Sdn Bhd) and drop in average occupancy rate of Kelana Brem Towers and Menara Merais.
Office rental market remained soft and continues to be under pressure with average rental rates continue to experience downward pressure due to the anticipation of incoming new supply in the next few years, it said.
On its prospects, AmFirst said it expects to maintain its performance based on its current tenancy profile, diversity of the tenants mix and its continuous efforts on proactive asset enhancements and portfolio management for the financial year ending March 31, 2012.
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