Pavilion REIT doubles net profit in Q2 to RM20.4mil

KUALA LUMPUR (Bernama) -- Pavilion Real Estate Investment Trust’s (REIT) net profit for the second quarter (Q2) ended June 30, 2021 surged 104.3 per cent to RM20.41 million compared with RM9.99 million in the same quarter in the preceding year.

In a statement filed with Bursa Malaysia today, it said although revenue eased 1.3 per cent to RM124.78 million versus RM126.39 million previously, savings in property operating expenses and higher rental support to its tenants in Q2 2020 resulted in higher net property income by RM8.5 million or 21.9 per cent to RM47.6 million.

For the first half (1H) of 2021, revenue was RM251.0 million compared with RM260.70 million in the same period last year, while net profit improved 15.9 per cent to RM51.66 million from RM44.59 million previously.

Distributable income per unit for 1H 2021 increased by 13.7 per cent to 1.83 sen against 1.61 sen for 1H 2020, payable on Sept 10, 2021, it said.

Meanwhile, Pavilion REIT said it remained focused on operational recovery while staying safe and vigilant in adherence to government safety guidelines.

"Besides supporting its retailers with rebates, digital marketing promotion, and providing drive-thru pick up area, consumers are being engaged with community messages as well as essential business updates.

"Social medias are primarily used as a key platform for contest offering shopping and dining vouchers," it said.
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