Pavilion REIT 2Q profit rises 9% to RM52m

Pavilion REIT 2Q profit rises 9% to RM52m
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 01 August 2013 17:41

KUALA LUMPUR (August 1): Pavilion Real Estate Investment Trust reported a 9% rise in second quarter net profit from a year earlier as revenue rose.

In a statement to the exchange, Pavilion said net profit climbed to RM51.96 million in the second quarter ended June 30, 2013 (2QFY13) from RM47.77 million. Revenue rose to RM91.1 million from RM82.83 million.

"Income before taxation for the quarter under review was RM51.9 million, RM4.2 million or 9% higher than 2QFY12, mainly due to higher net property income and lower finance cost,” Pavilion said.

The firm said distributable income for 2QFY13 came to RM53.7 million or 1.79 sen per unit.

Cumulative first-half net profit increased to RM106.23 million from RM95.57 million. Revenue was higher at RM185.86 million versus RM168.16 million.

Looking ahead, Pavilion foresees some rental loss. This is due to relocation and replacement of tenants, it said.

"The manager will continue to actively manage the property portfolio to optimise value of the trust as the manager’s outlook of Malaysia‟s retail industry is still favourable," Pavilion said.