PETALING JAYA: The net profit of Axis Real Estate Investment Trust
(Axis-REIT) fell by 11.1% in the third quarter ended Sept 30, 2024 (3Q24) as the increase in total trust income was offset by an unrealised fair value loss on derivatives worth RM4.7mil and higher non-property expenses.
Its net profit declined to RM37.77mil compared with RM42.5mil in the previous corresponding quarter.
This brought the earnings per unit to 2.16 sen.
However, if the unrealised loss on derivatives were excluded, net profit would have been RM42.5mil.
“The distribution per unit (DPU) will not be affected by the unrealised fair value loss on derivatives as it is non-cash in nature,” said Axis-REIT in a filing with Bursa Malaysia. The trust declared a higher DPU of 2.35 sen.
Revenue for the quarter rose by 11.8% year-on-year (y-o-y) to RM80.3mil, thanks to contributions from newly acquired properties, post-development contribution from new tenancies from Bukit Raja Distribution Centre 2 and Axis Mega Distribution Centre Phase 2 as well as positive rental reversion within its existing portfolio.
