SINGAPORE - ARA Asset Management, which manages real estate investment trusts and (reits) private real estate funds, posted a 36 per cent rise in second quarter net profit to $20.8 million.
Revenue was up 17 per cent at $40.4 million for the three months to June 30.
For the half year, net earnings grew 20 per cent to $38.6 million on the back of a 23 per cent rise in revenue to $78.6 million.
Recurrent management fees for the quarter went up by 6 per cent to $31.3 million, driven mainly by higher reit management fees from better asset performance.
Acquisition, divestment and performance fees fell 55 per cent to $603,000. In April last year, the company received acquisition fees arising from Cache's acquisition of Precise Two.
Quarterly earnings per share increased to 2.47 cents from 1.81 cents previously while net asset value per share was 34.62 cents, up from 32.84 cents as at Dec 31.
An interim dividend of 2.3 cents per share has been declared, to be paid on Aug 22.
ARA group chief executive John Lim said: "The group continues to deliver a steady financial performance overall. We will continue to drive the growth in recurrent management fees through our existing reits and private funds and in the establishment of new products."