ARA Q3 gain up a tad at $20m

ARA Asset Management (ARA) has posted a 2 per cent rise in third-quarter attributable net profits to $20 million on higher Reit management fees.

The Reit fund manager said that recurrent net profit rose 14 per cent to $16.2 million, helped by higher Reit management fees, higher real estate management fees from increased leasing for retail space at the newly revamped Suntec City, as well as higher portfolio management fees from its private funds division.

For the nine months to September, attributable net profit declined by 5 per cent to $52.1 million while recurrent net profit increased 16 per cent to $43.2 million. Recurrent net profit excludes acquisition, divestment and performance fees, as well as finance income and costs.