- For the first half ended June 30, 2022, Sentral REIT’s net property income declined to RM58.45 million from RM60.45 million a year earlier, while revenue fell 4.29% to RM75.27 million from RM78.65 million.
KUALA LUMPUR (Aug 19): Sentral Real Estate Investment Trust's (REIT) net property income for the second quarter ended June 30, 2022 (2QFY22) slipped 3.8% to RM27.94 million, from RM29.04 million a year earlier, on lower revenue.
Earnings per unit decreased to 1.72 sen from 2.11 sen, the REIT said in a filing with Bursa Malaysia.
Quarterly revenue was down 2.96% to RM36.51 million, from RM37.62 million, amid lower revenue generated from QB2-HSBC, Wisma Technip, QB3-BMW and Menara Shell.
The trust declared an interim gross distribution per unit (DPU) of of 3.4 sen, of which taxable income is 3.32 sen per unit and tax-exempt income is 0.08 sen per unit.
For the first half ended June 30, 2022, Sentral REIT’s net property income declined to RM58.45 million from RM60.45 million a year earlier, while revenue fell 4.29% to RM75.27 million from RM78.65 million.
Sentral REIT Management Sdn Bhd (SRM), the manager of the REIT, said the Klang Valley office market continued to experience rental and occupancy pressures as a result of excess supply.
“However, we expect the sector to pick up in anticipation of the gradual improvement in economic activities and business sentiment this year," said SRM chairman Tan Sri Saw Choo Boon.
"Riding on this positive momentum, we will continue to work towards strengthening the portfolio’s performance to ensure sustainable performance of the trust,” Saw said in a statement.
Sentral REIT was trading down 2.48% at 98.5 sen in afternoon trading on Friday (Aug 19), giving the group a market value of RM1.06 billion.