PETALING JAYA: Pavilion Real Estate Investment Trust’s (REIT) net profit fell 46% year-on-year to RM32.04mil for the third quarter ended Sept 30 (Q3), dragged down mainly by the weaker performance of its two biggest revenue-contributing properties.
Revenue dropped to RM116.23mil from RM144.35mil a year earlier, the group said in a filing with Bursa Malaysia yesterday.
“The decrease in revenue was mainly due to lower gross revenue from Pavilion Kuala Lumpur Mall and Elite Pavilion Mall. Mall occupancy was lower due to non-renewal of some expired tenancies and also deferment of rent commencement date for some tenants, ” it said. — Bernama
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