KUALA LUMPUR (Jan 19): Pavilion Real Estate Investment Trust (REIT) posted a net property income of RM76.99 million in the fourth quarter ended Dec 31, 2016 (4QFY2016), up 4% from RM73.96 million a year ago.
Its net profit was 29% higher at RM131.7 or 4.36 sen per share from RM102 million or 3.38 sen per share in 4QFY2015 due to higher revenue.
In a filing with Bursa Malaysia today, Pavilion REIT said 4QFY2016 revenue rose 13.5% to RM117.5 million from RM103.5 million in the previous year because of rental income from two new properties.
They comprise Da Men Mall and Intermark Mall, which were acquired at the end of March 2016, while lower gross revenue for Pavilion Kuala Lumpur Mall was mainly due to repositioning of its tenants.
It has proposed a 4.08 sen distributable income for the second half of the financial year ended Dec 31, 2016 (FY2016), amounting to RM123.3 million, payable on Feb 28, 2017.
For FY2016, net property income stood at RM314.77 million, up from the RM291.54 million reported in FY2015.
Net profit climbed 10.5% to RM312.1 million or 10.33 sen per share from RM282.3 million or 9.36 sen per share in FY2015, while revenue went up 11% to RM459.7 million compared to RM413.9 million a year ago.
Going forward, Pavilion REIT said the retail environment continues to be challenging.
“Marketing will continue to create differentiation and key attractions to build shopping experience. Operating cost will be monitored to optimise efficiency,” it added.
Pavilion REIT closed up one sen or 0.55% at RM1.82 for a market capitalisation of RM5.5 billion. — theedgemarkets.com