ARA's Q1 earnings up 6%

ARA Asset Management's net profit for the first quarter ended March rose 6 per cent to $17.8 million on the back of revenue rising 18 per cent to $38.2 million from $32.2 million a year ago.

Notably, its acquisition, divestment, and performance fees surged from $953,000 a year ago to $2.6 million. This was primarily due to acquisition fees received in relation to Prosperity Reit's acquisition of 9 Chong Yip Street in January this year, and Suntec Reit's progressive payments for its acquisition of 177 Pacific Highway.

Meanwhile, recurrent management fee for the quarter grew 11 per cent to $29.7 million due to higher Reit management fees and real estate management fees.