ARA's Q3 net profit soars 84% to S$31.5m

ARA Asset Management Limited's net profit surged 84 per cent to S$31.47 million for the third quarter ended Sept 30, thanks to higher management fees, finance income, as well as share of profit of associates and joint ventures.

Total revenue grew 39 per cent from a year ago to S$52.98 million.

Management fees, the largest income source of the real estate fund manager, rose 5 per cent from a year ago to S$34.74 million during the quarter.

This was driven by a 2 per cent rise in Reit management fees to S$22.49 million, higher portfolio management fees on the back of private funds activiti…