AmFirst Real Estate Investment Trust chalked up RM10.4 million higher pre-tax profit in the third quarter ended Dec 31, 2010 from RM9.6 million in the same quarter in 2009.

Revenue however fell to RM22.2 million vis-a-vis RM24.7 million.
The company said there was a 10 per cent drop in revenue mainly due to a slide in average occupancy rate at the Kelana Brem Towers.

AmFirst said the outlook for the office space market is expected to remain challenging.

'Despite recent strong and sturdy growth in the domestic economy, office rents are to face marginal downward pressure in the next few years,' it said in a filing to Bursa Malaysia.

However, current tenancy profile and tenants mixed diversity are expected to mitigate the impact of the bottom-line in the remaining period of the financial year. -- BERNAMA