Thursday 20 Jun 2024
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KUALA LUMPUR (July 29): KIP Real Estate Investment Trust (KIP REIT)’s net property income for the fourth quarter ended June 30, 2021 rose 13.94% to RM15.08 million, from RM13.23 million a year ago, on improved average occupancy rate across its six malls, coupled with better promotional area income.

Quarterly revenue increased 14.82% to RM19.4 million, from RM16.9 million previously, KIP REIT’s filing to Bursa Malaysia showed.

The REIT declared a final income distribution per unit of 2.1 sen, to be paid on Aug 27.

For the full financial year, KIP REIT’s net property income rose 1.15% to RM56.66 million, from RM56.02 million in the previous year, as revenue slipped 0.39% to RM74.25 million, from RM74.54 million.

The REIT maintains a cautious outlook for the coming quarter, saying it will continue to practice fiscal prudence and implement credit control measures.

“KIP REIT’s performance remains manageable to date and the manager will closely monitor the situation and actively manage the portfolio.

“The manager will also continue to evaluate opportunities for growth and diversification into different asset classes in commercial and industrial assets,” it said.

In a separate statement, KIP REIT Management Sdn Bhd’s executive director Datuk Eric Ong Kook Liong said notwithstanding insecurities in the market outlook and with retail landscape remaining bleak, the management is actively putting its best efforts for future growth to enhance earnings to reward its unitholders.

As Malaysia ramps up its Covid-19 immunisation programme to meet its target to have all Malaysian adults fully vaccinated by October, Ong is hopeful that the economic sector, particularly retail businesses, will improve and recover gradually within this year.

KIP REIT’s share price was unchanged at 85 sen today, valuing the group at RM429.5 million.

Edited ByS Kanagaraju
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