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ARA Asset Management posted a 6 per cent rise in net profit to S$18.97 million in the first quarter ended March 2015 from S$17.83 million a year ago, buoyed by a fourfold increase in share of profits of associates.
The jump in the share of profits of associates to S$3.2 million in the quarter from S$800,000 was mainly due to acquisition fees recorded from Hui Xian Reit's acquisition of Metropolitan Oriental Plaza in Chongqing, China.
Revenue over the period slipped one per cent to to S$37.70 million from S$38.18 million on the back of lower finance income due to lower distribution income versus the corresponding quarter in 2014 which included distribution of profits post-divestment of some properties and a net fair value gain on disposal of financial assets.
Earnings per share stood at 2.24 Singapore cents, up from 2.11 Singapore cents previously.
The real estate fund management company did not declare a dividend for the quarter, unchanged from a year ago.
The group's asset under management (AUM) rose to S$27.2 billion as at end March 2015 from S$26.5 billion as at end 2014, driven by growth in the Reit's portfolio.