Axis REIT net income falls 36.2% to RM23.3m

Axis Real Estate Investment Trust (Axis REIT) posted a 36.2% year-on-year (YoY) drop in net income to RM23.27 million for its second-quarter ended June 30, 2017 (2Q17), with earnings per share falling to 2.10 sen from 3.32 sen.

In a filing, the REIT posted lower revenue of RM41.64 million for 2Q17, representing a 0.3% YoY decline from RM41.78 million recorded last year.

The fund manager still proposed to distribute 99.56% from its realised income and the balance net gain from its Axis Eureka disposal of aggregate 0.07 sen per unit, resulting in a second interim distribution of 2.17 sen per unit.

In a separate filing yesterday, the fund announced the completion of its RM33 million acquisition of industrial land within Pasir Gudang Industrial Area in Johor and its plan to buy leasehold land in Pahang from Wah Seong Corp Bhd for RM155 million.