PAVILION REIT Management Sdn Bhd posted RM54.98 million net profit in the second quarter ended June 30, 2022 (2Q22), compared to RM20.4 million posted in the same quarter last year.
The improved performance is attributable to a rise in rental revenue and advertising following the reopening of the economy.
In an exchange filing yesterday, the company also saw its total revenue rise to RM141.49 million, on the back of higher contributions from all its retail properties except for the Intermark Mall.
The real estate investment trust (REIT) announced a distributable income of RM57.2 million or 1.87 sen per unit, with entitlement date on Aug 11, 2022, and payable on Sept 2, 2022.
The REIT manager is optimistic that the retail sector recovery will be sustainable, noting that the shopping traffic has returned to pre-Covid level.
“However, inflation and rising interest rates will affect discretionary spending and purchasing power of consumers,” it said.
“Engagements had been held with tourism agencies to boost tourism programmes with more activities and events being planned for the year.”
Moving forward, the REIT manager will continue to increase its properties occupancy through proactive lease management and control its operating cost. — TMR / pic source: pavilion-reit.com