Higher Rental And Advertising Income Drives Pavilion REIT’s Q3 Profits Up Two Fold

Pavilion REIT’s income after taxation for the 3rd quarter ended 30 September 2022 increases 205.7% from RM20 million to RM61.2 million.

In a filing to Bursa Malaysia, the real estate manager announced total gross revenue of RM143.6 million, an increase of RM30.3 million or 26.7% as compared to the same quarter in the preceding year of RM113.3 million. The group attibuted the increase to higher rental revenue and income from advertising, as all economic sectors and businesses were allowed to reopen.

Total property operating expenses was lower by RM12.4 million or 18.9% as compared to the same quarter of the preceding year, mainly as no pandemic rebates were given to tenants during the quarter. These were offset by higher utility cost as the 10% rebate given by the government ended in December 2021 as well as imposition of tariff surcharge of 3.7 sen per kilowatt hour to the non-domestic sector. Maintenance and marketing expenses also increased with the resumption of activities during this endemic period. Net property income increased by RM42.7 million or 90.1% for the third quarter of 2022 as compared to the same quarter in 2021.

Total revenue for the 9 months ended 30 September 2022 was RM423.9 million, higher by RM59.6 million or 16.4% as compared to the corresponding period to 30 September 2021. Income after taxation also increased by 153.1% or RM109.7 million to RM181.4 million. The Manager of Pavilion REIT is confident that the growth momentum of the retail sector is
expected to remain strong in spite of the purchasing power of consumers having been affected by inflation and other economic factors.

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