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KUALA LUMPUR: MRCB-Quill REIT posted 40% higher net earnings of RM21.38mil compared to RM15.22mil in the previous year quarter owing to additional revenue from its acquisition of Menara Shell and step-up rent adjustments.
Overall revenue for the quarter increased to RM44.86mil from RM32.83mil in the previous corresponding quarter.
For the nine months so far, net profit came to RM66.69mil from RM45.86mil in the year-ago period, while revenue rose to RM135.05mil versus RM97.77mil previously.
Net property income in the first three quarters of 2017 rose 37% to RM104.92mil as a result of the acquisition of Menara Shell while property operating expenses also grew 43% to RM30.14mil on the back of the same purchase.
Earnings per share for the quarter was two sen compared to 2.30 sen in the 2016 quarer. Total earnings year to date was 6.23 sen a share compared with 6.93 sen in the previous year period.
According to MRCB-Quill, it will focus on intensifying its asset management and leasing strategies amid a challenging market.
It added that about 90% of its total net lettable area due for renewal in Q3 have been renewed, while 45% of the leases due in Q4 have also been renewed.
"The Manager is now in advanced negotiations for the renewal of the balance 55% leases due in 4Q.
"In tandem with this, we have commenced active negotiations for certain leases due in 1Q 2018, with the intention to lock in the renewal of these leases ahead of its expiry."
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