ARA Asset Management manages 25% rise in Q4 net profit to $22 million
ARA Asset Management, which manages real estate investment trusts and private real estate funds, has posted a 25 per cent rise in fourth quarter net profit to $22.1 million.
Revenue for the three months to Dec 31 was up 19 per cent at $43.8 million.
For the full year, net earnings inched up by 2 per cent to $74.3 million on the back of a 5 per cent rise in revenue to $140.4 million.
Recurrent management fees went up by 11 per cent to $114 million, driven mainly by higher reit management fees and real estate management fees.