ARA's full year net profit up 18% at $87.5 million

Real estate investment trust (reit) manager ARA Asset Management which manages Suntec City reported on Monday that net profit for the 12 months to Dec 31 rose 18 per cent to $87.5 million, while total revenue rose 23 per cent to $173.1 million.
Real estate investment trust (reit) manager ARA Asset Management which manages Suntec City reported on Monday that net profit for the 12 months to Dec 31 rose 18 per cent to $87.5 million, while total revenue rose 23 per cent to $173.1 million. -- PHOTO: ST FILE

SINGAPORE - Real estate investment trust (reit) manager ARA Asset Management reported on Monday that net profit for the 12 months to Dec 31 rose 18 per cent to $87.5 million, while total revenue rose 23 per cent to $173.1 million.

Acquisition, divestment and performance fees soared 68 per cent to $24.6 million, mainly owing to $16.1 million performance fee from the ARA Harmony Fund.

The fund achieved an internal rate of return of more than 27 per cent, and owns Suntec Singapore Convention and Exhibition Centre.

The size of the assets it manages was around $26.3 billion as at Dec 31.

Fourth quarter earnings per share was 2.15 cents, down from 2.62 cents a year earlier, while net asset value per share was 40.37 cents as at Dec 31, up from 32.84 cents a year ago.

ARA shares closed flat at $1.69 on Monday.