PETALING JAYA: UOA Real Estate Investment Trust
(UOA REIT) expects demand for office space to continue improving gradually, supported by its completed asset enhancement initiatives aimed at attracting interest in its older buildings.
While keeping the gearing within the permissible threshold, the investment manager is continuing to seek potential yield-accretive acquisition opportunities that align with its strategic objectives.
Releasing its results for the first quarter ended March 31 yesterday, UOA REIT saw net profit dropping by 14.6% year-on-year to RM10mil, despite income improving by 13.3% to RM29.7mil, driven by better occupancies.
However, the REIT saw increased total expenditure amounting to RM20.3mil, primarily attributable to elevated property operating expenses and heightened maintenance costs, which led to the decreased profit for the quarter.
“Realised earnings per unit for the quarter under review has decreased from 1.73 sen to 1.47 sen,” it said in the statement to Bursa Malaysia.
Compared to the preceding quarter ended December 31, 2024, net earnings jumped 89.9% from RM5.2mil, despite revenue remaining flattish.
