Axis REIT posts lower FY20 net profit

KUALA LUMPUR (Bernama) -- Axis Real Estate Investment Trust (REIT) registered a lower net profit of RM142.06 million in financial year ended Dec 31, 2020 (FY20) compared with RM209.24 million previously.

However, revenue increased to RM224.94 million from RM216.41 million in FY19.

In a filing to Bursa Malaysia today, Axis REIT said its net profit for the fourth quarter ended Dec 31, 2020 fell significantly to RM49.27 million from RM127.45 million previously.

"Revenue however increased to RM57.51 million from RM54.58 million a year ago,” it added.

On prospects, Axis REIT said the current COVID-19 pandemic has impacted operations but its financial performance has been manageable thus far.

"Should the pandemic prolong or worsen unexpectedly, this may impact on Axis REIT’s performance for the coming financial year ending Dec 31, 2021.

"Positively, the current gearing level of 33 per cent provides headroom for it to continue its yield accretive acquisition strategy, should good opportunities come along,” it added.

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