IGB REIT determined to stay resilient


IGB REIT is the owner of Mid Valley Megamall and The Garden Mall in Kuala Lumpur.

KUALA LUMPUR: Mall operator IGB Real Estate Investment Trust (IGB REIT) said its earnings slipped in the fourth quarter and warned that the outlook for 2021 has worsened with the re-introduction of the movement control order (MCO 2.0).

It posted a net profit of RM72mil in the three months ended Dec 31,2020.

In a filing with Bursa Malaysia, IGB REIT said full-year net profit was down by a quarter to RM236.8mil from RM315.8mil a year before.

“The impact of MCO 2.0, including lower shoppers’ footfall, lesser car traffic volume and higher temporary closure of retail shops, will adversely affect the financial performance of retail centres, especially shopping malls, ” it said.

“Retail sales in the first quarter of 2021, despite the Chinese New Year festivities being the peak season for shopping, are not expected to perform well, ” it added.

Despite the challenges, IGB REIT said it is “determined to stay resilient” throughout the Covid-19 pandemic.

IGB REIT is the owner of Mid Valley Megamall and The Garden Mall in Kuala Lumpur.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

IGB REIT , resilient , Megamall , Garden Mall , MCO 2.0

   

Next In Business News

CPO futures tracks weakness in soybean oil
Pestech secures RM64.9m contract for RTS Link
Mohamed Sharil steps down as Privasia chairman
Ringgit ends lower vs dollar amid surge in Covid cases
KLCI closes shade higher but broader market weak
Ryanair posts record loss, expects to break even this year
Hong Leong Bank extends assistance relief plans
Thailand cuts GDP outlook
Taiwan shares slide 3% as fresh Covid-19 outbreaks stoke recovery concerns
Bursa weakens as over 1,000 stocks in the red

Stories You'll Enjoy


Vouchers