Tower REIT the manager of Menara HLX and Plaza Zurich reported gross revenue for the quarter that ended 30 September 2023 with an increase of 8.2% to RM9.05 million compared to the corresponding quarter in the preceding year.
This it said was mainly due to higher rental income derived from Menara HLX and Plaza Zurich as a result of higher occupancy and rental rates achieved. Property operating expenses increased 13.6% mainly arising from higher electricity tariff. Interest expense increased by 25.6% as compared to the corresponding quarter in the preceding year due to the increase in interest rates.
The net trust income for the First Quarter decreased by 66.9% as compared to the corresponding quarter in the preceding year. Net trust income for the First Quarter of RM0.3 million was lower as compared to net trust income of RM0.7 million in the preceding quarter.
This it said was mainly due to the assessment rebate received for Plaza Zurich and Menara Guoco in the preceding quarter
