KUALA LUMPUR: IGB Real Estate Investment Trust
(REIT) remains cautious about retail sales growth, which could impact tenant performance in shopping malls and subsequently affect its financial performance.
“Nonetheless, IGB REIT remains committed to bringing about long-term value to its stakeholders,” it said in a filing with Bursa Malaysia.
In the third quarter ended Sept 30 (3Q24), IGB REIT’s net profit tumbled to RM79.58mil from RM250.75mil in the previous corresponding quarter.
This was despite higher rental income that lifted overall quarterly revenue by 3.7% year-on-year (y-o-y) to RM155.27mil. The lower profits dragged down the earnings per share to 2.21 sen from 6.98 sen last year.
The lower profit was mainly due to the net fair value changes of RM13.1mil for the investment properties.
For 3Q24, IGB REIT will distribute 97.5% of its quarterly distributable income, amounting to RM97 million or 2.68 sen per unit. This distribution will be payable on Nov 28 to all unitholders entitled to receive it, as of 5 pm on Nov 12.
For the first nine months ended Sept 30, 2024 (9M24), net profit fell by 39.1% y-o-y to RM260.73mil while revenue grew 4.9% to RM467.8mil.
