AmFIRST REIT posted a strong start to financial year 2027, with profit after taxation more than doubling in the first quarter ended June 30, 2026, supported by higher portfolio occupancy, improved operating performance and lower financing costs.
The real estate investment trust recorded profit after taxation of RM6.6 million, up 102.8% from RM3.3 million in the corresponding quarter last year.
Realised net income from operations rose 10% to RM5.6 million from RM5.1 million previously.
Revenue from operations increased 7.5% to RM27.2 million, while overall portfolio occupancy improved to 88.3% from 83.1% a year earlier.
AmFIRST REIT said the stronger occupancy levels across its properties translated into higher rental income, increased car park revenue and improved contributions from its co-working space operations.
The improved performance was achieved despite the absence of RM1.7 million in one-off compensation income recognised in the corresponding quarter last year and the temporary closure of The Summit Hotel for a major rebranding and refurbishment exercise.
Property expenses declined 1.9% to RM11.4 million, mainly due to lower repair and maintenance costs, higher electricity cost recoveries from tenants and a one-off electricity refund from Tenaga Nasional Bhd.
Finance costs also fell 3.3% to RM8 million, with the average cost of borrowings declining to 4.09% from 4.32% a year earlier.
AmFIRST REIT said the combination of stronger revenue contributions and disciplined cost management had improved its overall operating performance and lifted realised net income.
