New high for Dagang NeXchange Bhd
KUALA LUMPUR: MRCB-Quill Real Estate Investment Trust (MQReit) posted a 52% jump in realised net income to RM23.2mil in the first quarter ended March 31, 2017, compared with RM15.3mil recorded in the same quarter a year ago.
“The higher realised net income for the quarter was attributable to the increase in revenue contribution from several properties and the recognition of income from Menara Shell, net of higher finance costs, manager’s fee and trustee’s fee,” MRCB Quill Management Sdn Bhd (MQM), the Reit’s manager said in a statement.
Its revenue for the quarter was up 38% to RM46.57mil against RM33.75mil previously.
Notwithstanding the higher realised net income, MQReit recorded a lower realised earnings per unit (EPU) for first quarter 2017 of 2.17 sen, which is 5.7% lower than the EPU of 2.30 sen recorded in first quarter of 2016.
“This is due to the increase in the MQReit’s weighted average units in circulation arising from the issuance of 406.619 million placement units pursuant to the placement exercise completed in December 2016,” it said.
MQM chairman Tan Sri Saw Choo Boon said MQReit’s portfolio continue to perform well and had maintained a healthy net property income margin of 80% in first quarter of 2017, as compared to 79% in the corresponding quarter.
He said this was achieved through its proactive approach towards asset and portfolio management and continuing efforts in managing MQReit’s operational cost effectively.
“Despite the challenging office market environment, we remain optimistic that MQReit’s portfolio of quality assets, with a healthy weighted average lease expiry of 5.6 years will continue to deliver stable income to the fund,” Saw said.
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