Pavilion Real Estate Investment Trust’s (Pavilion REIT) revenue for the third quarter ended Sept 30, 2018 (3Q18) jumped 16.4% year-on-year (YoY) to RM141.3 million on rental income from its existing properties as a result of higher occupancy.
Net profit the quarter rose 12.27% YoY to RM62.2 million.
In an exchange filing yesterday, Pavilion REIT noted its total property operating expenses for the period was higher by 9% to RM47.17 million due to the operating expenses incurred for its new property at Elite Pavilion Mall.
The net property income for 3Q of RM94.17 million was 20% higher than a year ago.
The group said retail spending is expected to pick up for the year-end seasonal holidays amid the higher reported growth sales in June until August 2018.
The group will continue to explore improvement of its tenant mix and cost management.
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