ARA Asset's Q4 profit up 25% at $22.1m

ARA Asset Management saw net profit for the fourth quarter ended December jump 25 per cent from $17.69 million to $22.13 million on the back of revenue rising 19 per cent to $43.83 million.

This was boosted by its acquisition, divestment and performance fees which increased to $11.8 million from $1.5 million a year ago, thanks to fees received in relation to Fortune Reit's acquisition of Kingswood and Suntec Reit's progress payment for its acquisition of the 177-199 Pacific Highway property in Australia.

Excluding unrealised marked-to-market gains/losses, net profit was $24.6 million for Q4 compared to $16 million a year ago, representing a 53 per cent year-on-year increase.