For the current quarter, IGB REIT reported a total revenue of RM154.6 million, an increase of 15.5% against the corresponding quarter in 2022 of RM133.8 million. Net property income was RM118.6 million, an increase of 10.1% compared with the corresponding quarter in 2022 of RM107.7 million. Profit after taxation was RM96.2 million, an increase of 12.7% compared with the corresponding quarter in 2022 of RM85.4 million.
The group said the higher total revenue, net property income, and profit after taxation were mainly due to the higher rental income in the current quarter. The distributable income for the current quarter amounted to RM102.9 million, consisting of realised profit of RM96.2 million and the non-cash adjustments arising mainly from Manager fees payable in Units of RM6.4 million.
Against the preceding quarter, the current quarter, revenue of RM154.6 million is 4.0% higher compared with the immediate preceding quarter of RM148.7 million. Net property income was RM118.6 million, 12.2% higher compared with RM105.6 million in the immediate preceding quarter. Profit after taxation was RM96.2 million, a decrease of 33.1% compared with the immediate preceding quarter of RM143.9 million.
The higher total revenue and net property income were mainly due to the higher rental income in the current quarter. The lower profit after taxation was mainly due to the fair value gain of RM60 million in relation to the investment properties in the immediate preceding quarter.
As for the outlook, the manager said it remains cautious about the challenges for the growth of retail sales in 2023, which would affect tenants’ performance at shopping malls and also, the financial performance of IGB REIT. Nonetheless, IGB REIT remains committed to bringing about the long-term value to its stakeholders.
