KUALA LUMPUR: Axis Real Estate Investment Trust's (Axis REIT) net profit increased 0.8 per cent to RM31.37 million in the second-quarter (Q2) ended June 30, 2021 from RM31.12 million previously.
In an exchange filing today, Axis REIT said this was due to slightly higher property income and lower property expenses.
Its Q2 revenue rose 8.8 per cent to RM60.38 million from RM55.49 million on the back of higher total trust income.
For the first-half ended June 30, 2021, Aix REIT's net profit increased 4.8 per cent to RM63.33 million from RM60.40 million, while revenue grew 6.9 per cent RM117.89 million from RM110.26 million.
Axis REIT said it remained cautious of the current Covid-19 pandemic which had caused global economic downturn.
"While the pandemic's impact on Axis-REIT's operations and financials have been manageable thus far, should the pandemic prolong or worsen unexpectedly this may impact Axis-REIT's performance for the rest of the financial year ending December 31, 2021.
The company said it would actively manage the portfolio and exercise prudent capital management to deliver sustainable earnings per unit and distribution per unit payout to unitholders.
"The current gearing level of 36 per cent provides headroom for Axis-REIT to continue its yield accretive acquisition strategy should good opportunities come along," it added.