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05-08-2014, 08:57 AM
PUBLISHED AUGUST 05, 2014 Business Times
ARA Asset's Q2 earnings up 36% as revenue rises
It plans to launch billion-dollar fund before year's end, says group CEO
BY LEE MEIXIAN
ARA Asset Management's net profit for its second quarter ended June 30 rose 36 per cent to S$20.8 million, while its revenue climbed 17 per cent to S$40.4 million.
The Pan-Asian real estate fund manager's net profit was driven by higher revenue from recurrent management fees, acquisition, divestment and performance fees, as well as finance income and other income.
It also enjoyed new contributions from two recently launched Korean private real estate investment trusts (Reits), as well as two funds, Morningside Investment Partners and Straits Investment Partners.
At the same time, fees were also higher from two funds, ARA China Investment Partners and ARA Harmony Fund; the higher fees from ARA Harmony Fund came from the higher valuation of Suntec Singapore following the completion of the spruced-up convention centre.
ARA Asset's Q2 earnings up 36% as revenue rises
It plans to launch billion-dollar fund before year's end, says group CEO
BY LEE MEIXIAN
ARA Asset Management's net profit for its second quarter ended June 30 rose 36 per cent to S$20.8 million, while its revenue climbed 17 per cent to S$40.4 million.
The Pan-Asian real estate fund manager's net profit was driven by higher revenue from recurrent management fees, acquisition, divestment and performance fees, as well as finance income and other income.
It also enjoyed new contributions from two recently launched Korean private real estate investment trusts (Reits), as well as two funds, Morningside Investment Partners and Straits Investment Partners.
At the same time, fees were also higher from two funds, ARA China Investment Partners and ARA Harmony Fund; the higher fees from ARA Harmony Fund came from the higher valuation of Suntec Singapore following the completion of the spruced-up convention centre.