KUALA LUMPUR, Oct 27 — Pavilion Real Estate Investment Trust (REIT) saw a 205.7 per cent jump in its net profit for the third quarter ended Sept 30, 2022 (Q3 2022) to RM61.17 million from RM20.01 million in the same quarter last year.
In a filing with Bursa Malaysia, Pavilion REIT said revenue also improved 26.7 per cent to RM143.62 million compared with RM113.32 million in Q3 2021.
“This increase was mainly attributed to higher rental revenue and income from advertising after all economic sectors and businesses were allowed to reopen,” it said.
In a separate statement today, the REIT added that total property operating expenses were RM12.4 million or 18.9 per cent lower versus the same quarter of the preceding year, mostly attributable to the lack of pandemic rebates given to tenants in Q3 2022.
However, it said savings in operating expenses were offset by higher utility costs as the 10 per cent rebate given by the government ended in December 2021 and the reimposition of the electricity tariff surcharge of 3.7 sen per kilowatt hour for the non-domestic sector.
Net property income meanwhile increased by RM42.7 million or 90.1 per cent in Q3 2022 compared with the same quarter last year, Pavilion REIT said.
On outlook, the REIT was confident that the retail sector’s growth momentum would remain strong.
“This is despite the purchasing power of consumers having been affected by inflation and other economic factors,” it added. — Bernama
