IGB REIT 4Q net profit down 9.9%

KUALA LUMPUR (Jan 24): IGB Real Estate Investment Trust’s (IGB REIT) net profit for the fourth quarter (4Q) ended Dec 31, 2018 slipped 9.9% to RM105.51 million, from RM117.13 million a year earlier, due to a lower revaluation surplus on investment properties.

It declared a distribution per unit of 2.28 sen for the quarter, payable on Feb 28 .

*IGB 3Q net profit surges 91% on higher contribution from property development, investments

*IGB REIT net property income inches up 2.4% in 3Q on higher rental income

Fourth quarter gross revenue, comprising gross rental income and other income, grew by 2.1% to RM137.21 million from RM134.35 million previously, thanks to higher rental income.

Full-year revenue rose by 2.05% to RM535.69 million from RM524.92 million in the previous year, on higher rental income and lower property operating expenses during the period.

In a filing with Bursa Malaysia yesterday, IGB REIT said the short-term outlook for the retail space remains one of cautious optimism.

IGB REIT’s share price closed up four sen (2.3%) yesterday to RM1.78, for a market capitalisation of RM6.2 billion.

This article first appeared in The Edge Financial Daily, on Jan 24, 2019.

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