PETALING JAYA: Tower Real Estate Investment Trust (Tower REIT) posted a 36% jump in net profit to RM2.13mil for the first quarter ended Sept 30, 2021 compared with RM1.56mil a year earlier.

       Revenue for the three-month period ended Sept 30 surged about 26% to RM8.21mil from RM6.5mil previously.

       In a filing with Bursa Malaysia, Tower REIT attributed the topline and bottom line performance to recognition of full revenue from Menara Guoco, as well as lower expenses in Plaza Zurich and Menara HLX.

       There was no dividend announced in the first quarter.

       Tower REIT is expecting demand and rental rates in the office sector to stay subdued as it remains cautious on the country’s economic recovery and the oversupply of office space, especially in the Klang Valley.

       “The manager will continue to take active steps to improve its offering to target markets as well as improve the service level and cost efficiency,” it said.

       It said as mass vaccination across the country continues to be enhanced, more states will transition to Phase 3 and Phase 4 of the National Recovery Plan.

       “Malaysia is expected to open all economic sectors by the end of 2021 and it is anticipated that the economy will gradually recover.

       “The Covid-19 pandemic may continue to impact the strength of the economic recovery,” it added.