Within expectations. Excluding unrealised gains of RM2.6m, Axis REIT reported RM11.7m net profit in 1QFY12/10 (+0.8% qoq and +12.4% yoy). This was within expectations, accounting for 23-24% of our and consensus estimates. The 12.4% yoy earnings growth was mainly driven by contributions from its newly-acquired assets in FY09 i.e. Axis Steel Centre, Bukit Raja Distribution Centre and Prai industrial buildings (which were completed on 5 March 10). The company has proposed an interim dividend of 3.7 sen for 1Q10, which was in line with our expectation. Meanwhile, the company’s gearing ratio increased from 0.34x (4Q09) to 0.35x as at end-1Q10 following the acquisition of Prai buildings.
axis1Q10
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