KUALA LUMPUR, Oct 24 — IGB Real Estate Investment Trust’s (REIT) net profit for the third quarter ended Sept 30, 2018 declined to RM75.81 million from RM83.12 million recorded in the same period last year.

Revenue, however, rose to RM133.72 million from RM129.58 million previously.

IGB REIT in a filing to Bursa Malaysia today said the lower profit was mainly due to a one-time write-back of step-up interest arising from a fixed rate term loan which was fully settled in the corresponding quarter in 2017.

On prospects, IGB REIT said it would endeavour to strengthen its performance by improving customers’ and shoppers’ experience at both Mid Valley Megamall and The Gardens Mall.

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“IGB REIT is determined to proactively explore asset enhancement initiatives and ensure that the tenancy mix is responsive to meeting the evolving demands and changing preferences of customers and shoppers,” it said.

It added that these are expected to translate to a better performance to enable IGB REIT to maintain a stable flow of distributable income, and create long-term value for its unitholders. — Bernama