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KUALA LUMPUR: Pavilion Real Estate Investment Trust's (REIT) earnings is tracking better conditions in the retail industry as economic conditions improve and movement restrictions continue to ease.
The REIT announced in a filing with Bursa Malaysia a net profit of RM54.98mil in the second quarter ended June 30, 2022, more than double its earnings in the same quarter last year as it sees a resurgence of rental revenue and advertising following the reopening of the economy.
Total revenue for the quarter was RM141.49mil, a 13.39% increase over the previous corresponding quarter with higher contribution from all its retail properties except for the Intermark Mall.
The lower rental rebates to tenants in the quarter under review, as compared to in 2QFY21, helped to decrease property operating expenses by 24%.
Operating expenses would have been even lower if not for a higher provision for doubtful debts and utility cost due to the government's 10% electricity rebate ending in December 2021 as well as the imposition of an electricity tariff surcharge from Feb 1, 2022.,
Maintenance and marketing expenses also increased due to the resumption of marketing activities and events with the reopening of the economy.
Pavilion REIT’s second quarter distribution per unit increased to 1.87 sen from 0.73 sen the same quarter last year. Interim distributable income of 4.08 sen per unit or RM124.6mil will be payable on Sept 2, 2022.
According to the REIT manager, the retail sector recovery is expected to be sustainable while shopping traffic has returned to pre-Covid levels.
However, the manager also highlighted that inflation and rising interest rate will affect discretionary spending and purchasing power of consumers.
"Engagements had been held with tourism agencies to boost tourism programmes with more activities and events being planned for the year.
"The Manager will continue to increase its properties occupancy through proactive lease management and control its operating cost," it said.