IGB REIT staying resilient through pandemic

The trust announced a 1.33 sen income distribution per unit for the first quarter with the ex-date on May 10 and a payment date of May 31. It said that net property income was RM62.4mil, which is a decrease of 29.4% compared with the corresponding quarter in 2020 of RM88.4mil. (File pic shows IGB Mid Valley Megamall)

PETALING JAYA: IGB Real Estate Investment Trust (REIT) saw its net profit for the first quarter ended March 31,2021 fall by some 36% year-on-year (y-o-y) due to the continued effects of the Covid-19 pandemic.

“The lower gross revenue, net property income and profit after taxation are mainly due to the rental support provided to tenants, lower car park income and higher allowance for impairment of trade receivables arising from the Covid-19 pandemic and resultant movement control orders, ” it said in a filing with Bursa Malaysia.