For the current quarter, IGB REIT’ said its total revenue was RM141.5 million, an increase 5.8% against the corresponding quarter in 2022 of RM133.8 million. Net property income was RM102.8 million, which decreased 2.8% compared with the corresponding quarter in 2022 of RM105.7 million.
Profit after taxation was RM81.0 million, which decreased 3.0% compared with the corresponding quarter in 2022 of RM83.5 million. The higher total revenue was mainly due to the higher rental income in the current quarter. The lower net property income and profit after taxation were mainly due to higher utility expenses in the current quarter and higher reversal for impairment of trade receivables in the corresponding quarter in 2022.
The distributable income for the current quarter amounted to RM87.2 million, consisting of realised profit of RM81.0 million and the non-cash adjustments arising mainly from Manager fee payable in Units of RM5.9 million.
Looking ahead, IGB Manager remains cautious about the challenges for 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 long-term value to its stakeholders.
