Am ARA REIT Managers Sdn Bhd , property Manager announced the financial performance of  its AmFIRST Real Estate Investment Trust (AmFIRST):-

·          Posted revenue of RM23.65 million for the first quarter ended 30 June 2009, a 5 per cent increase from RM22.52 million registered in the previous corresponding quarter. Net property income for the period grew marginally to RM15.23 million compared to RM15.07 million in the corresponding period last year,

·          Profit after tax rose 10 per cent to RM10.58 million against RM9.60 million before. Earnings per unit was 2.47 sen.

The improved performance arose from the contribution of income derived from positive rental reversions recorded from its three properties – Kelana Brem Towers, The Summit Subang USJ and Menara AmBank.The first quarter financial results was considered good when compared against the current global economic slowdown which also impacted the REITs industry worldwide. According to chief executive officer Lim Yoon Peng, AmFIRST Reit  is able to continue to attract and retain quality tenants, thus generating steady rental income for the Trust. For this year, the manager has lined up enhancement and repositioning works for its properties. The first building involved – Menara Merais in Petaling Jaya – should see its renovation works completed by November this yearBT:24/8/2009

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