ARA Asset Management earnings up 6% for Q1

Singapore

REAL estate fund management firm ARA Asset Management saw net profit rise 6 per cent to S$18.97 million for the first quarter ended March 2015, led largely by a quadrupling of its share of profits of associates.

The rise 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 from Hui Xian Reit's acquisition of Metropolitan Oriental Plaza in Chongqing, China.