KIP-REIT aims to scale up operations

KUALA LUMPUR: KIP Real Estate Investment Trust (KIP-REIT) aims to scale up its operations and increase total assets under management to RM2bil in the next three years.

In the third quarter ended March 31, KIP-REIT posted a net profit of RM10.2mil compared with RM10.5mil in the same period last year.

Revenue rose 12.5% to RM24.5mil from RM21.8mil previously, mainly attributed to the central region’s retail revenue growth of 38.7%.

For the nine months ended March 31, revenue increased 13.3% year-on-year to RM69.5mil from RM61.4mil. Net property income and net profit rose 11.9% and 13.9%, respectively, to RM51.4mil and RM31.3mil.