Extract From The Edge Singapore:
ARA Asset Management Ltd announced a 32% increase in net profit, to $48.3m for the year ended 31 Dec 2009. Revenue rose 23% to $86.3m, led by higher acquisition and performance and project fees, including the establishment of the ARA Harmony Fund in September as well as the acquisition of 3 retail properties in Hong Kong by Fortune REIT.
As at 31 Dec 2009, ARA had assets worth some $13.5b under management. ARA is proposing a final cash dividends of 2.5 cents per share, as well as bonus issue of new shares at 1 bonus share for evey 5 existing shares. Going forward, ARA plans to strenghten its foothold in the industrial logistic sector, led mainly by the impending listing of Cache Logistics Trust - a joint effort with CWT.
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