KIP REIT’s Q2 net profit at RM8.66mil

Amid the Covid-19 pandemic, KIP REIT Management Sdn Bhd managing director Datuk Chew Lak Seong said the financial performance of the quarter was within the management’s expectations. Moving forward, he is cautiously optimistic of the economic situation and consumers’ sentiments.

KUALA LUMPUR: KIP Real Estate Investment Trust’s (KIP REIT) net profit fell 6.2% to RM8.66mil in the second quarter of its financial year ending June 30,2021, (Q2’21) from RM9.22mil a year ago, mainly dragged by the amortisation of rental rebates of half a million offered to eligible tenants affected by the movement control order (MCO).

“Notwithstanding this amortisation, the profit before tax would have been at par with the profit before tax for the corresponding period last year, ” the company said in a press release yesterday.