KIP REIT posts stronger realised profits

“The drop in revenue was attributed to RM1.6mil lower revenue from both southern and central region but partially cushioned by one-month additional revenue from AEON Mall Kinta City (pic) at Northern region, which was acquired in July 2019, ” it said in a filing with Bursa Malaysia.

PETALING JAYA: KIP Real Estate Investment Trust (KIP REIT) began its financial year of 2021 (FY21) with a 65% year-on-year (y-o-y) increase in realised profit before tax (PBT), leading to a higher income distribution to unitholders.

KIP REIT announced yesterday that its realised PBT rose to RM8.8mil in the first quarter ended Sept 30,2020 compared with RM5.3mil a year earlier, despite the amortisation of rental rebates of about RM700,000 during the latest first quarter.