UOA Reit’s Q2 earnings up 2.66%

PETALING JAYA: UOA Real Estate Investment Trust (UOA Reit) registered a 2.66% increase in net profit to RM11.85 million for the second quarter ended June 30, 2015 against RM11.54 million in the previous corresponding period.
Revenue for the quarter under review rose 4.61% from RM22.13 million to RM23.15 million.
UOA Reit has proposed to declare an interim income distribution of 5.32 sen per share.
In a filing with the stock exchange, UOA Reit said it recorded a total income of RM23.15 million inclusive of interest income and other income of RM9,214 and RM8,369 respectively.
Realised income before tax and distributable income, meanwhile stood at RM11.98 million. Taking into consideration a 95% distribution, it has set aside RM11.39 million as provision for distribution.
Against six months ended June 30, 2014, UOA's gross rental has improved by 4% due to revision in rental rates and steady occupancy rates of the investment properties.
It expects to maintain stable occupancy and rental rates across its portfolio of properties for the financial year ending Dec 31, 2015.
"Efforts to both enhance the yields and returns of the existing properties and to seek opportunities to further acquire real estate that meets the objectives of the trust will continue," it added.
For the six-month period, UOA Reit's net profit was flat at RM23.94 million against RM23.71 million in the same period last year on the back of RM45.94 million in revenue from RM44.18 million.