amfirst (5120) quarter report 30/6/2014, summit usj 翻新工程開始了，收益減少了

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Sep 04, 2014 by Uncle Jim in Amfirst

大家先看看amfrist(5120)的quarter report:

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/06/2014	30/06/2013	30/06/2014	30/06/2013
		$$’000	$$’000	$$’000	$$’000
		1	Revenue	27,489	28,445	27,489	28,445
2	Profit/(loss) before tax	10,617	13,084	10,617	13,084
3	Profit/(loss) for the period	10,617	13,084	10,617	13,084
4	Profit/(loss) attributable to ordinary equity holders of the parent	10,617	13,084	10,617	13,084
5	Basic earnings/(loss) per share (Subunit)	1.55	1.91	1.55	1.91
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.2185		1.2381

revenue下滑3.3%， profit 下滑 18.8%，NAV下滑1.5%，這是一張全下的成績單，而amfirst給出的理由也很簡單，因為summit usj正在進行AEI（asset enhancement initiatives），所以影響收益，amfirst強調summit usj的租客因AEI而搬遷和summit hotel因AEI的關係而享有的rental rebate是收益減少的主因。summit usj會持續到2015年7月才會完工。

此外，amfirst的股東必須注意的是amfirst的borrowing,amfirst現有的borrowing為RM460mil, 而這當中的68%是floating interest rate。而你知道嗎？這份quarter report是up to june 2014, 而bank negara 在7月10日才調高opr(overnight policy rate)0.25%, 就是說接下來amfirst需要給更多的interest expenses, 面對更大的挑戰，不幸的是amfirst的其他office assets 不止毫無起色還更加遜色，看圖：