REAL estate fund management company ARA Asset Management, which was listed on the mainboard late last year, saw net profit soar 137 per cent to $9.2 million in the first quarter ended March 31, 2008.
Total revenue jumped 107 per cent to $17.5 million from $8.5 million a year earlier, mainly on higher management fees from an enlarged Reit portfolio, an increase in net property income for Reits it manages, and portfolio management fees from ARA Asia Dragon Fund (ADF).Net margin was 53 per cent, up from 46 per cent the year before.
'We are pleased to report a good set of results,' said ARA chief executive John Lim. 'The results are testament to the stability of our income, which together with our strong balance sheet, puts us in a good position to capitalise on any opportunities that may arise amid the current uncertainty in financial markets.'
ARA reported a 108 per cent increase in Q1 earnings per share to 1.58 cents, from 0.76 cents.
Cash and cash equivalents totalled $91.8 million at March 31 - a sharp rise from $14 million a year earlier. Total assets under management stood at $10.4 billion on March 31.
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