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ARA Asset Management Q4 profit up 41% on management fees, lower expenses
ARA Asset Management on Thursday said net profit for the fourth quarter rose 41 per cent mainly on higher management fees, and lower expenses.
Net profit for the three months ended December 31, 2015 stood at S$25.6 million, compared to S$18.2 million a year ago.
ARA's total revenue for the quarter rose 7 per cent to S$46.1 million, driven by stronger management fees and higher finance income.
Total expenses declined to S$16.5 million from S$22.1 million a year ago, mainly due to the lack of agency commission amounting to S$3.4 million incurred during the sale of certain properties that was recorded in the year-ago period, as well as lower finance cost.
The group recorded a lower net foreign exchange loss of S$0.2 million in the quarter against S$3.3 million in the year-ago period, which was partially offset by higher interest expenses of S$0.7 million.