Axis-REIT posts 24% higher profit in third quarter


The REIT has proposed a third interim income distribution of 2.25 sen per unit, which includes a non-taxable portion of 0.41 sen per unit derived from capital allowances, industrial building allowances and tax-exempt profit income. This will be payable on Nov 30 2020 and the book closure is on Nov 5.

PETALING JAYA: Axis Real Estate Investment Trust (Axis-REIT) has posted a nearly 24% year-on-year jump in net profit to RM32.4mil for the third quarter ended Sept 30,2020 due to higher property income.

Revenue was 6.1% year-on-year higher at RM57.2mil for the quarter.

The REIT has proposed a third interim income distribution of 2.25 sen per unit, which includes a non-taxable portion of 0.41 sen per unit derived from capital allowances, industrial building allowances and tax-exempt profit income.

This will be payable on Nov 30 2020 and the book closure is on Nov 5.

For the nine months ended Sept 30, Axis-REIT recorded a 13.4% increase in net profit to RM92.8mil. Revenue climbed 3.4% higher at RM167.4mil, compared with a year ago.

In a Bursa Malaysia stock exchange filing, the REIT cautioned that while the Covid-19 pandemic’s impact on its operations and financials have been manageable thus far, its performance for the fourth quarter may be affected should the pandemic prolong or worsen unexpectedly.

It was also noted that its current gearing level of 32% provides headroom for Axis-REIT to continue its yield accretive acquisition strategy, should good opportunities come along.

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