SINGAPORE - A jump in the share of profits from its associates lifted first-quarter earnings for real estate fund management company ARA Asset Management.
Net profit for the three months to March 31 climbed 6 per cent to $18.97 million, even as revenue dipped 1 per cent to $37.7 million.
The jump in the share of profits of associates to $3.2 million - a 301 per cent increase from the same period last year - was mainly due to acquisition fees recorded from Hui Xian real estate invesment trust's (reit) acquisition of Metropolitan Oriental Plaza in Chongqing, China, said the manager in a statement on Wednesday.
Recurrent management fees increased marginally by 1 per cent to $30.1 million, mainly due to higher reit management fees as a result of better asset performance, as well as fee contributions from the new acquisitions made by the various reits.
Earnings per share was at 2.24 cents, up from the 2.11 cents previously, while net asset value per unit stood at 43.12 cents as at March 31, higher than the 40.37 cents as at Dec 31 last year.
The group's asset under management grew to about $27.2 billion, driven by growth in the reit's portfolio.
ARA units closed 1.5 cents up at $1.73 on Wednesday.