Axis REIT 2Q realised net income up 13.5%, declares 4.3 sen DPU

KUALA LUMPUR (Aug 3): Axis Real Estate Investment Trust (REIT)’s realised net income for the period came in at RM23.57 million, up 13.5% on-year from RM20.76 million.

The REIT also proposed a distribution per unit (DPU) of 4.30 sen, down 1 sen or 18.87% from 5.3 sen in the previous corresponding period, according to its filing with Bursa Malaysia today.

In a filing with Bursa Malaysia today, Axis REIT said the DPU represents approximately 99.1% of its 2QFY15’s total income available for distribution. The DPU is to be paid on Sept 11.

The REIT also reported a net profit of RM31.9 million, up 45.73% from RM21.89 million in 2QFY14; revenue was at RM41.34 million, up 17.8% from RM35.09 million in the same quarter a year ago. 

For the first half ended June 30, 2015 (1HFY15), Axis REIT’s realised net income was at RM46.07 million, up 7% from RM43.06 million in 1HFY14. Net profit for the period was at RM55.22 million, up 24.7% from RM44.28 million in 1HFY14. The REIT had also reported a 16% increase in 1HFY15 revenue to RM81.96 million from RM70.68 million in 1HFY14.

For 1HFY15, Axis REIT said it had also spent RM7.61 million for enhancement of its properties.

On prospects, the REIT said it is optimistic it will be able to maintain its current performance for its financial year ending Dec 31, 2015 (FY15) in view of the current satisfactory performance of its existing investment portfolio and its growth strategy to pursue quality acquisitions.

Axis REIT (fundamental:0.9; valuation:0.15) currently has 34 properties under its portfolio, which includes Menara Axis in Petaling Jaya.

Its shares settled at RM3.37 today, down 2.03% or 7 sen, with a market capitalisation of RM1.86 billion.