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.