PETALING JAYA: Pavilion Real Estate Investment Trust
(Pavilion-REIT) will continue to optimise cost management, while curating targeted events to attract shoppers and build strong brand partnerships.
In a filing with Bursa Malaysia, the REIT said the local retail industry recorded a growth rate of 3.8% for 2024.
It said Retail Group Malaysia estimated retail sales growth of 4.3% this year, driven by encouraging performance in the first quarter (1Q25), a slower 2Q25, and moderate growth for the remaining quarters.
For 1Q25 ended March 31, Pavilion-REIT’s net profit rose to RM90.42mil from RM83.17mil in the same quarter last year.
Revenue increased to RM228.18mil from RM218.52mil a year earlier.
Pavilion-REIT said the improved performance was mainly contributed by Pavilion Bukit Jalil, driven by a higher occupancy rate, increased income from the Pavilion Bukit Jalil exhibition centre, and improved advertising revenue from the upgraded LED screen at Elite Pavilion Mall.
Total property operating expenses were higher by RM2.9mil, or 4%, compared to 1Q24, mainly due to higher doubtful debts provision and increased marketing and promotion expenses related to festivals.
