Pavilion Real Estate Investment Trust’s (REIT) earnings rose to RM63.03mil in the third quarter ended Sept 30, 2014 boosted by higher net property income but it expects the rest of 2014 and 2015 to be challenging.
In its statement issued on Thursday, the earnings were 19% higher compared with RM52.95mil a year ago.
The concerns were the potential increase in cost of some items / services due to the gradual removal of government subsidies and the impending GST implementation in April 2015.
“Furthermore, filling up office spaces / vacancies remain a challenge with the many options available,” it said.
Pavilion REIT said income before tax for the quarter under review was RM63.0 million, which was RM10.1mil or 19% higher than Q3, 2013 mainly due to higher net property income. Distributable income was RM64.9mil or 2.16 sen per unit, consisting of income after tax of RM63mil.
Revenue increased by 8.8% to RM101.43mil from RM93.20mil. Earnings per share were 2.09 sen compared with 1.76 sen. The higher revenue was mainly contributed by rental reversion after all due tenancies have been renewed from Q3, 2013.
“Total property operating expenses was lower by RM2.3 million or 8% as compared to Q3 2013. This was mainly due to the reversal of overprovision of assessment charges recorded in the first half of 2014 and recognition of credit / overcharge of electricity charges on one of the electricity metering system by Tenaga Nasional Bhd.
“These were off-set by the incurrence of repair and preventive maintenance work and maintenance cost incurred for some advertising sites. These have resulted in total net property income increased by RM10.6mil or 16% in Q3, 2014 as compared to Q3, 2013,” it said.
For the nine months ended Sept 30, 2014, its earnings were RM175.29mil. This was an increase of 10.1% from RM159.17mil in the previous corresponding period.
Pavilion REIT’s revenue during the period rose to RM301.22mil from RM279.06mil.
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