Kaeden Ong

Ascott Reit’s revenue, profit up 16%

Posted by Kaeden Ong on 24th April 2014 in Blog

Ascott Residence Trust’s (Ascott Reit) revenue for Q1 2014 increased by 16 percent to $80.4 million compared to the same period last year.

Gross profit also grew 16 percent to $39.2 million in the quarter.

The revenue increase is due mostly to the additional $7.9 million from Ascott Reit’s acquisitions in 2013 and a contribution of $4.3 million from existing properties mainly in the UK, France, Germany and Vietnam.

In Q1, Ascott Reit acquired its first serviced residence in Dalian, China (pictured) and a second property in Fukuoka, Japan.

Revenue per available unit (RevPAU) for Japan, the UK and Belgium also rose 18 percent, 13 percent and 11 percent respectively.

Credits: Property Guru

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