The Ascott Group’s (Ascott) net profit for the year 2007 was S$177.3 million, an increase of 8% compared to 2006. This was due to stronger profit from the Group’s operating assets, and higher portfolio gains from asset divestment and revaluation of Ascott's share of Ascott Residence Trust's (ART) properties.

Ascott’s profit from operating assets hit S$52.5 million in 2007, a double-digit growth of 25% compared to the previous year. This was attributed to better operating performances in most of the markets in which the Group has presence as well as higher fee-based income from managing ART and Ascott China Fund.

Separately, ART which is 28% owned by Ascott, achieved a unitholders’ distribution of S$45.1 million for the year ended 31 December 2007, an 83% increase over the previous year and 12% higher than forecast. This was due to the acquisition of properties in Ho Chi Minh City, Manila, Melbourne and Tokyo in 2007, and strong overall operating performance. Distribution per unit was 7.70 cents, a 47% increase over 2006 and 9% higher than forecast.