,Pavilion REIT said its net profit leapt to RM20.41mil as compared to RM9.99mil in the same quarter last year.
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PETALING JAYA: The net profit of Pavilion Real Estate Investment Trust (REIT) more than double in the second quarter (Q2) ended June 31, driven by lower operating expenses on a year-on-year (y-o-y) basis.
Pavilion REIT said in a filing with the stock exchange yesterday that its net profit leapt to RM20.41mil as compared to RM9.99mil in the same quarter last year.
“Total property operating expenses decreased by RM10.2mil or 12% compared with Q2 of financial year 2020 (FY20). This was mainly due to higher provision for doubtful debts in Q2 of FY20,” it said.
Revenue for the quarter ended June 31, however, declined by 1.27% y-o-y to RM124.78mil.
Earnings per share for the quarter were 0.67 sen as compared with 0.33 sen a year earlier. Distribution per unit for the latest quarter was 1.83 sen.
Cumulatively, for the first half of FY21, the net profit was up by 15.87% y-o-y to RM51.67mil. Revenue fell by 3.72% y-o-y to RM251mil in the same period.
“The decrease was mainly due to lower occupancy rate for shopping malls,” it said.