Monday, 7 May 2012

Pavilion REIT posts net profit RM47.8m in 1Q

KUALA LUMPUR (May 7): KUALA LUMPUR: Pavilion Real Estate Investment Trust Bhd (Pavilion REIT) recorded profit of RM47.8 million in its first quarter ended Mar 31 on the back of RM85.3 million revenue.

Earnings per unit was 1.59 sen, while net assets per unit was 95.51 sen.

Reviewing its performance, Pavilion REIT said on Monday that distributable income for the period under review amounted to RM50.6 million or 1.68 sen per unit, consisting of realised income of RM47.8 million and non-cash adjustments of depreciation, amortisation of borrowings transaction cost of RM0.3 million and surplus cash arising from 50% of manager’s management fee payable in units of RM2.3 million.

On its prospects, it said the REIT manager was confident that 2012 would be an equally successful year for Pavilion REIT with its asset enhancement initiative and the office tower being fully tenanted by middle of this year.

“Barring any unforeseen circumstances, the Manager expects Pavilion REIT to meet the 2012 projected distribution per unit of 5.73 sen as disclosed in the prospectus,"

It reported a net property income of RM60.5 million while management fees and borrowing costs incurred were RM4.6 million and RM8.3 million respectively.

Pavilion RREIT was listed on Dec 7 last year.

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