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Pavilion Reit 1Q net profit up 4.4%, pays income distribution of 1.94 sen/unit

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Pavilion Reit 1Q net profit up 4.4%, pays income distribution of 1.94 sen/unit Empty Pavilion Reit 1Q net profit up 4.4%, pays income distribution of 1.94 sen/unit

Post by Cals Fri 25 Apr 2014, 02:15

Pavilion Reit 1Q net profit up 4.4%, pays income distribution of 1.94 sen/unit
Business & Markets 2014
Written by Jonathan Gan of theedgemalaysia.com   
Thursday, 24 April 2014 18:54

KUALA LUMPUR (Apr 24): Pavilion Real Estate Investment Trust net profit for the first financial quarter ended March 31, 2014 rose to RM56.6 million from RM54.2 million in a similar quarter a year ago.

Distributable income for the quarter under review is RM58.4 million or 1.94 sen per unit.

Revenue for the quarter rose to RM101.2 million from RM 94.8 million a year ago.

The company attributed its increase in revenue to rental revisions after all due tenancies have been renewed from 3Q2013.

On prospects, the management expects 2014 to be a challenging year due to significant increases in electricity cost and assessment charges.

“The manager is carrying out a few assets enhancement exercises in the retail mall. These exercises are anticipated to contribute positively to the Fund's revenue when completed,” said the statement. 
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