UOA REIT ... Aug 09

Higher gross rental income lifted UOA REIT's Net Profit by 24.8% to RM7.5m for 2QE Jun 30, 2009 from RM6.0m a year ago.

1HE JUN 2009 RESULTS BETTER
For 1HE Jun 2009, Gross Rental improved by about 12.1% or RM2.4m, attributed mainly to the improvement in rental rates, UOA REIT said in its EXCHANGE filing on Jul 15, 2009.

INCOME DISTRIBUTION
The REIT declared an Income Distribution of 2.92 sen for 2QE Jun 2009, bringing its Total Income Distribution for 1HE Jun 2009 to 5.82 sen, to be paid on Aug 28, 2009. The Company said the 5.82 sen distribution comprised 4.88 sen Taxable Income and 0.94 sen Tax-Exempt Income.

Taking into consideration a 95% distribution, the trust has set aside RM7.1m as provision for income distribution, it said.

TOTAL INCOME ROSE
The REIT said its total income rose 3.2% to RM11.2m from RM10.9m in 2008. EPS rose to 3.07 sen in 2QE Jun 2009 from 2.46 sen in the previous corresponding period.

Total Expenditure for 2QE Jun 2009 amounted to RM3.7m, with RM2.3m attributable to property operating expenses and RM1.4m Non-Property Operating Expenses.

The REIT said Operating expenses fell 12.04%, mainly due to the non-recurrent stamping fees, professional and legal fees incurred in 1QE Mar 2009 related to the acquisition of 'Wisma UOA Pantai' in April 2008, and a reduction in borrowing costs.

1HE JUN 2009
For 1HE Jun 30, the REIT said Net Profit rose 29.7% to RM15.0m from RM11.5m a year earlier, as Revenue increased 11.8% to RM22.7m.

EPS in 1HE Jun 2009 rose to 6.12 sen from 4.71 sen a year ago. The REIT Manager said that the properties to continue enjoying reasonable occupancy and tenancy rates for the remaining part of the year. However, rental income may be affected due to the slowdown in the economy.