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ARA Asset Management on Monday said net profit for the fourth quarter fell 18 per cent amid higher expenses.
Net profit for the three months ended Dec 31, 2014 stood at S$18.2 million, compared to S$22.1 million a year ago.
But ARA recorded a jump in expenses that was due to higher agency commission incurred in relation to the divestment of certain properties held under the Straits Investment Partners portfolio as well as the securing of new leases for Suntec City. It also recorded higher professional fees incurred in relation to the acquisition of ARA Korea in April 2014.
Correspondingly, its operating profit fell 16 per cent.
ARA's total revenue for the quarter slipped one per cent to S$43.2 million.