Ascott’s net profit in 2Q 2007 surged 75% to S$88.1 million (US$58 million), compared to its 2Q 2006 net profit of S$50.3 million. The Group’s net profit for 1H 2007 also increased 6% to S$97.8 million (US$64.4 million) from the S$92.6 million posted in 1H 2006. The strong profit was underpinned by the realisation of portfolio gains from divestments and the Group’s strong operating performance.

Similarly, Ascott Residence Trust (ART) has also posted strong results for 2Q 2007. For the period 1 April 2007 to 30 June 2007, ART achieved a unitholders’ distribution of S$12.1 million (US$ 8 million), which is a 58% increase over the same period last year. Distribution per unit for the same period is 2.01 cents, 18% increase over 2Q 2006.