Pavilion REIT 4Q net profit surges to RM216.4mil

KUALA LUMPUR: Pavilion Real Estate Investment Trust (Pavilion REIT) is optimistic that retail sales will normalise this year.

In a filing with Bursa Malaysia, the company said it will continue to elevate its retail mix, create immersive experiences and encourage shoppers interaction with targeted campaigns.

“The reopening of China’s borders will also attract Chinese tourists that would spur the local economy and tourism business,” it said.

For its fourth quarter ended Dec 31, 2022, Pavilion REIT’s net profit surged to RM216.42mil from RM53.57mil a year earlier, while revenue in the fourth quarter improved to RM145.80mil from RM124.28mil a year earlier.

“The increase was mainly due to higher rental billings, increase in revenue rent and income from advertising after all economic sectors and businesses resume their businesses post pandemic,” it said.

Basic earnings per share rose to 7.09 sen from 1.76 sen previously.

For the financial year ended Dec 31, 2022, Pavilion REIT’s net profit grew to RM397.80mil from RM125.24mil a year earlier, while revenue grew to RM569.69mil from RM488.59mil previously.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Pavilion REIT , retail


Next In Business News

Bursa heads towards morning low as investors digest news
MPOC appoints Bek-Nielsen as new chairman
ThoughtFull raises US$4mil in pre-series A funding
Ringgit rises as momentum picks up for emerging currencies
RHB says more clarity needed on VS Industry demand outlook
Bursa slides after US Fed rate increase
Trading ideas: Hap Seng, Pavilion REIT, VS Industry, Eco World International, Uzma, Trive, KYM and SCIB
Race Capital forging ahead despite SVB chaos
Asia banks may face difficulty bolstering capital via AT1s
Axiata to focus on cost synergies and revenue

Others Also Read