Increase in net profit for KIP REIT

PETALING JAYA: KIP Real Estate Investment Trust (REIT) reported resilient results with a 4.5% year-on-year increase in net profit to RM9.05mil for the second quarter ended Dec 31, 2021 on the back of RM18.51mil in revenue.

The better results were mainly driven by the proactive cost management by the manager of KIP REIT, leading to lower operating expenses including utilities, maintenance and housekeeping, reimbursement costs as well as marketing expenses.

For the cumulative six months period ended Dec 31, 2021, total revenue was marginally lower, declining 3.3% to RM35.6mil.

This was mainly attributed to lower average occupancy rate and promotional income due to restrictions on activities and events at shopping malls imposed by the government in the first quarter of financial year 2022.

Net profit was also lower at RM17.42mil from RM17.51mil previously.

The manager of KIP REIT has declared a second interim distribution per unit of 1.55 sen per unit, amounting to RM7.83mil for the second quarter of financial year 2022. The book closure is fixed for Feb 7 and payment will be made on Feb 18.

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