ARA Asset Management has posted first-quarter earnings of S$9.2 million, up 137 percent from a year ago.
Revenue more than doubled to S$17.5 million.
The growth was mainly due to higher management fees from its REIT portfolio, as well as higher net property income.
ARA is expecting its asset enhancement initiatives to boost income for the full year of 2008. It is looking to set up REITs in new asset classes.
As at March 31, ARA’s total assets under management stood at S$10.4 billion. – CNA/ms
Source : Channel NewsAsia – 7 May 2008