UOA-REIT posts reduced quarterly bottom line
PETALING JAYA: UOA Real Estate Investment Trust (UOA-REIT) is expecting the demand for office space to continue to improve gradually, believing its completed asset enhancement initiatives will help to generate interest on the older buildings in its portfolio.
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 actually 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 a filing with Bursa Malaysia.
Compared to the preceding quarter ended Dec 31, 2024, earnings actually jumped 89.9% from RM5.2mil.
This was despite revenue actually remaining flattish.
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