PETALING JAYA: UOA Real Estate Investment Trust (UOA REIT) posted a total income of RM28.17mil for the fourth quarter ended Dec 31, 2021, up almost 55% from RM18.18mil in the corresponding quarter of 2020.
During the quarter in review, UOA REIT said its gross rental has increased by 54.7% against the previous corresponding quarter, while total expenditure rose by 57.6%.
“The increase in gross rental and total expenditure was mainly due to the acquisition of UOA Corporate Tower at the end of 2020,” it said in a filing with Bursa Malaysia.
It declared a final income distribution of 4.32 sen per unit.
For the quarter in review, UOA REIT posted a net loss of RM5.21mil, or 0.77 sen per unit, compared with a net profit of RM7.55mil, or 1.74 sen per unit, previously.,
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“The current pandemic and economic condition will remain as the main factor influencing the occupancy and rental rates of our properties.
“The manager will continue to adopt active operating strategy with prudent capital management in order to enhance the yields and returns of the existing properties.
“Meanwhile, the manager will continue to seek opportunities to further acquire real estate that meets the objective of UOA REIT,” it added.
For the full year, UOA REIT saw its net profit increase to RM42.1mil, or 6.23 sen per unit, from RM34.75mil, or 8.16 sen per unit, in 2020.
Total income rose to RM116.88mil in 2021 from RM72.69mil in 2020.