QUILL CAPITAL TRUST's (QCT) Net Profit rose 19.8% YoY to RM8.0m for 2QE Jun 30, 2009. According to a Company statement, the improved results were due to the full-quarter Gross Revenue and Income contribution from all 10 assets currently under its portfolio as compared with nine assets in the corresponding period in 2008.
Gross Revenue for 2QE Jun 2009 jumped 21.7% to RM16.6m from RM13.6m, while Gross Revenue from the first half of 2009 surged 33.9% YoY to RM33.59m from RM25.0m previously. Correspondingly, Gross Profit from the first half of 2009 rose by 11.5% to RM15.4m from RM13.8m in the same period in 2008.
QCT is a commercial Real Estate Investment Trust (REIT) managed by QUILL CAPITAL MANAGEMENT sb (QCM). Currently, QCT owns 10 buildings comprising five in Cyberjaya, two in Kuala Lumpur, and one each in Shah Alam, Petaling Jaya and Penang.
According to QCM Chairman - MOHAMMED HUSSEIN, QCT will distribute 3.78 sen per unit for 1HE Jun 30, 2009 which is 12.5% higher than the last distribution per unit of 3.36 sen.
CEO - CHAN SAY YEONG also revealed that QCT has secured in advance a RM80m financial facilities from GREAT EASTERN LIFE ASSURANCE (M) and ALLIANCE BANK. The facilities will mainly be used for repayment of a bridging loan which is maturing in Nov 2009. With this, they would have completed all of QCT's refinancing requirements for this year, and there will be no refinancing needs till Dec 2010 he said.
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