NST Business
KUALA LUMPUR: IGB Real Estate Investment Trust’s (REIT) net profit shrunk 28.7 per cent to RM75.26 million for the fourth quarter (Q4) ended December 31, 2019 from RM105.51 million recorded in the same quarter in 2018.
The lower net profit recorded for the quarter was mainly due to revaluation surplus of RM30 million on investment properties in the corresponding quarter in 2018, IGB REIT said in a filing to Bursa Malaysia today.
Revenue in the Q4 increased 1.8 per cent to RM139.61 million from RM137.21 million due to higher rental income in the current quarter.
For the full year, IGB REIT’s net profit decreased 5.4 per cent to RM315.86 million from RM333.75 million while revenue increased 3.1 per cent to RM552.13 million from RM535.69 million.
Moving into financial year 2020, IGB REIT said given the lackluster environment, the company is determined to continue to push ahead with its asset enhancement initiatives and bring on creative activities and exclusive events by working with tenants as well as corporate partners, to raise on-ground promotional activities for shoppers and visitors.
IGB REIT remains committed to create long-term value for stakeholders, and looks forward to bringing new retail experiences that excite the market, the filing said.