IGB Real Estate Investment Trust announced a pre-tax profit of RM85.387 million on the back of a turnover of RM133.812 million the first quarter ended 31 March 2002 from a pre-tax profit of RM43.715 million on the back of a turnover of RM99.438 million for the same period previously
In a Bursa filing, it said that for the current quarter, IGB REIT’s total revenue was RM133.8 million, increase 34.6% against the corresponding quarter in 2021 of RM99.4 million. Net property income was RM107.7 million, an increase 72.7% compared with the corresponding quarter in 2021 of RM62.4 million. Profit after taxation was RM85.4 million, an increase 95.3% compared with the corresponding quarter in 2021 of RM43.7 million.
It said that the higher total revenue was mainly due to the lower rental support provided to tenants in the current quarter arising from the economic reopening and improving retail sales of tenants, whereas the higher net property income and profit after taxation were mainly due to the lower rental support provided to tenants as well as reversal for impairment of trade receivables in the current quarter. Excluding the rental support, the total revenue was higher than the corresponding quarter in 2021 due to the higher rental income.
On the prospects, it said that based on Retail Group Malaysia (RGM), Malaysia’s retail sales are anticipated to achieve a 6.3% growth for 2022, with 16.5% in the first quarter of 2022 on the back of Chinese New Year celebrations.
Further relaxation of containment measures as well as reopening of economic sectors and national borders also augur well for the growth prospects of retail sales in the course of the year.
