AXIS Real Estate Investment Trust’s (Axis-REIT) revenue for the first quarter ended March 31 2009 rose to RM17.3 million from RM14.5 million in the same quarter last year.
Net income rose to RM10.4 million from RM9 million previously, Axis REIT Managers Bhd, the manager of Axis-REIT, said in a statement in Kuala Lumpur yesterday.
Axis REIT Managers’ chief executive officer Steward Labrooy said the company has maintained its earnings momentum despite the current global financial crisis.
“With the implementation of a quarterly distribution policy, we are now able to reward our unitholders on a more regular basis,” he said.
The policy entails at least 95 per cent of the current year-to-date distributable income for the first to third quarters and at least 99 per cent of the current year-to-date distributable income for the fourth quarter.
Labrooy said the company would continue to focus on providing steady yield accretion through enhancement of the current portfolio, prudent capital management and examining investment opportunities as long as the gearing was capped below 40 per cent.
He said the company was optimistic Axis REIT would be able to maintain its current performance for the coming quarter and the rest of the financial year ending December 31 2009 boosted by the current satisfactory performance of the trust’s existing investment portfolio.