Business

Monday July 27, 2009

Quill Capital Trust Q2 net profit up 20%


PETALING JAYA: Quill Capital Trust’s (QCT) net profit rose 19.8% year-on-year to RM8.09mil for its second quarter ended June 30.

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 last year.

Gross revenue for the quarter under review jumped 21.7% to RM16.67mil from RM13.69mil, while gross revenue from the first half of this year surged 33.9% year-on-year to RM33.59mil from RM25.07mil previously.

Correspondingly, gross profit from the first half of 2009 rose by 11.5% to RM15.44mil from RM13.85mil in the same period last year.

QCT is a commercial Real Estate Investment Trust (REIT) managed by Quill Capital Management Sdn Bhd (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 Datuk Mohammed Hussein, QCT will distribute 3.78 sen per unit for the six-month period ended June 30, which is 12.5% higher than the last distribution per unit of 3.36 sen.

Chief executive officer Chan Say Yeong also revealed that QCT has secured in advance a RM80mil financial facilities from Great Eastern Life Assurance (M) Bhd and Alliance Bank.

“The facilities will mainly be used for repayment of a bridging loan which is maturing in November 2009.

“With this, we would have completed all of QCT’s refinancing requirements for this year, and there will be no refinancing needs till December 2010,” he said.


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