Ascott Reit's revenue, profit up 16%

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.

Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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