MQReit’s 4Q18 profit doubles

By TMR

MRCB-Quill REIT’s (MQReit) net profit for the fourth quarter ended Dec 31, 2018 (4Q18) more than doubled to RM8.05 million from RM3.32 million a year ago partly due to some unbilled lease income receivable during the quarter.

Revenue for the period declined 9.21% year-on-year (YoY) to RM41.81 million mainly due to lower revenue generated from Platinum Sentral and loss of revenue from Quill Building 8 – DHL XPJ after the disposal took place on Apr 12, 2018.

Property operating expenses for 4Q18 amounted to RM10.0 million while net property income was lower by RM4.3 million or 11.8% in the quarter compared to a  year ago.

In 2018, 28% of MQReit’s total net lettable area of 609,000 sq ft was due for renewal. The company said 75% or 454,280 sq ft of these leases have been renewed.

MQReit will focus on asset management and leasing strategies that centre on tenant retention to overcome the challenging operating environment for the 2019, its exchange filing yesterday noted