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KUALA LUMPUR (April 29): Pavilion Real Estate Investment Trust’s (REIT) net property income (NPI) for the first quarter ended March 31, 2016 (1QFY16) stood at RM75.64 million, up from RM72.94 million in 1QFY15.
Its net profit edged up 1.62% to RM61.47 million from RM60.49 million in the corresponding quarter last year, mainly due to higher NPI, according to its bourse filing.
For the quarter, the group registered a revenue growth of 1.49% to RM106.7 million from RM105.1 million a year ago.
Pavilion REIT said total operating expenses were lower by RM1.1 million or 4% for the quarter compared with 1QFY15. Utilities in 1QFY15 were higher due to Tenaga Nasional Bhd’s adjustment for 2014’s electricity charge. These have resulted in higher total NPI by RM2.7 million or 4% in 1QFY16 compared with 1QFY15.
Distributable income for 1QFY16 was RM63.5 million or 2.1 sen per unit, consisting of income after tax of RM61.47 million and non-cash adjustments for depreciation of RM100,000, amortisation of borrowings transaction cost of RM400,000, and 25% of manager’s management fee payable in units amounting to RM1.5 million.
It said the retail environment continues to be challenging due to weak consumer confidence and inflationary pressures, hence marketing efforts will persist to drive traffic to retail malls and encourage spending.
As of closing, Pavilion REIT was unchanged at RM1.68, giving it a market capitalisation of RM5.1 billion.
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This article first appeared in The Edge Financial Daily, on April 29, 2016. Subscribe to The Edge Financial Daily here.
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