ARA Asset Management second quarter net profit marginally down

ARA Asset Management posted a marginally lower net profit of $15.3 million in the second quarter ended June from a year ago on the back of a 19 per cent increase in turnover to $34.66 million.

The firm's lower net profit was mainly due to a net loss of $4.3 million on fair valuation/disposal of certain real estate investment trust (REIT) units received as part payment for REIT management and acquisition fees.

Excluding the unrealised marked-to-market loss, the group's net profit for the period would have risen 26 per cent to $19 million.