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.