Pavilion REIT profit up 14%

KUALA LUMPUR: Pavilion Real Estate Investment Trust (REIT) reported a 14% growth in first quarter profit from a year earlier on higher rentals from its prime land properties here.

In a statement to the exchange yesterday, Pavilion REIT said net profit came to RM54.27 million in the quarter ended March 31, 2013 (1QFY13) compared with RM47.8 million previously. Revenue rose 11% to RM94.75 million from RM85.33 million.

“The increase was mainly contributed by retail rental from Fashion Avenue which commenced in 3Q last year and Pavilion Office Tower [which has been] fully tenanted from 3Q 2012,” Pavilion said.

This article first appeared in The Edge Financial Daily, on April 25, 2013.

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