CORP BRIEF: Pavilion REIT, Sentral REIT, Airasia and Mr DIY

by TMR / pic by TMR FILE

Pavilion REIT 2Q profit soars 104%

PAVILION Real Estate Investment Trust’s (REIT) net profit for the second quarter ended June 30, 2021 (2Q21) surged 104.3% to RM20.41. In a statement filed with Bursa Malaysia yesterday, it said although revenue eased 1.3% to RM124.78 million versus RM126.39 million previously. Savings in property operating expenses and higher rental support to its tenants in 2Q20 resulted in higher net property income by RM8.5 million or 21.9% to RM47.6 million. For the first half of 2021, revenue was RM251 million compared to RM260.7 million in the same period last year, while net profit improved 15.9% to RM51.66 million from RM44.59 million previously. — Bernama

Sentral REIT posts RM22.6m in profit

SENTRAL Real Estate Investment Trust (REIT) posted a higher net profit of RM22.64 million for the second quarter ended June 30, 2021, compared to RM19.08 million in the previous corresponding quarter. In a filing to Bursa Malaysia yesterday, it said its revenue was lower at RM37.6 million for the quarter under review, compared to RM40.6 million in the same quarter due to lower revenue generated from Platinum Sentral, Plaza Mont Kiara, QB3-BMW and Wisma Technip. Sentral REIT declared a distribution income of RM36.8 million for the six-month period, with a distribution per unit of 3.43 sen. The group said the occupancy rate of office markets in KL is expected to see further pressure as the gap between supply and demand continues to widen amid weaker demand for office space.

Airasia gains from Fly Leasing-Carlyle merger

AIRASIA Group Bhd has gained gross proceeds of US$56.83 million (RM239.82 million) from the merger between Fly Leasing Ltd and Carlyle Aviation Partners. In a filing to Bursa Malaysia yesterday, the low-cost airline said it had acquired 3.33 million of Fly Leasing’s shares on Aug 30, 2018 as part of a cash-in-kind consideration for the earlier divestment of AirAsia’s aircraft leasing operations undertaken by Asia Aviation Capital Ltd to entities managed by BBAM Ltd Partnership. — Bernama

Mr DIY 2Q profit up 31%

MR DIY Group (M) Bhd posted net profit of RM82.13 million in the second quarter (2Q) ended June 30, 2021 from RM56.98 million in the same period last year, in line with higher revenue recorded for the quarter. Revenue increased to RM759.82 million from RM516.66 million year-on-year (YoY) mainly driven by positive contribution from new stores. Mr DIY’s store network grew 29.2% to 827 stores in 2Q and correspondingly, total transactions grew 65.7% YoY to 26.8 million, it said in a filing to Bursa Malaysia yesterday. — Bernama