KIP-REIT’s net property income up 5.9% in 3Q

During the quarter in review, the fund’s revenue increased 4.7% to RM18.8mil from RM18mil previously on lower rental rebate amortisation and better promotional area income

PETALING JAYA: KIP Real Estate Investment Trust’s (KIP-REIT) net property income rose 5.9% to RM14.5mil for the third quarter ended March 31, 2022 (3Q22) from RM13.7mil in 3Q21.

During the quarter in review, the fund’s revenue increased 4.7% to RM18.8mil from RM18mil previously on lower rental rebate amortisation and better promotional area income as a result of the further relaxation of the standard operating procedures as compared to a year ago. Its net profit was higher at RM9.13mil, compared with RM8.44mil previously.