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GLM REIT Management Sdn Bhd, the Manager of Tower REIT, announces that the unaudited net income for the year ended 31 December 2007 of RM106.2 million has exceeded the forecast results of RM19.3 million as disclosed in the Circular, by 449%. The net income for the year of RM23.8 million exceeded the forecast results of RM19.3 million as disclosed in the Circular, by 23%. This variance was mainly due to the following:-(i) Total revenue increased by RM1.1 million due to the higher than expected property revenue resulting from the higher occupancy and rental rates of Menara HLA and HP Towers; (ii) Property operating expenses were lower than the forecast by RM1.9 million as a result of efficient cost controls and higher recoverable costs from the tenants; and(iii) Borrowing cost was lower than forecast by RM1.2 million due to the lower than expected borrowing interest rate.Please refer to the attached income statement for comparison of the unaudited results against the forecast, showing the variances.
(31-1-2008 KLSE)
