PETALING JAYA: KIP Real Estate Investment Trust’s (KIP-REIT) net property income rose 5.9% to RM14.5mil for the third quarter ended March 31, 2022 (3Q22) from RM13.7mil in 3Q21.

       During the quarter in review, the fund’s revenue increased 4.7% to RM18.8mil from RM18mil previously on lower rental rebate amortisation and better promotional area income as a result of the further relaxation of the standard operating procedures as compared to a year ago. Its net profit was higher at RM9.13mil, compared with RM8.44mil previously.

       KIP-REIT has proposed a third interim income distribution of RM8.1mil, translating to 1.60 sen per unit, which includes a non-taxable portion of approximately 0.51 sen per unit derived from capital allowances and tax-exempt income which are not subject to tax.For the nine months ended March 31, 2022, KIP-REIT posted a marginally lower revenue of RM54.5mil, compared with RM54.8mil for the corresponding period of the preceding year.

       It said this was primarily due to lower average occupancy rate and lower promotional income due to the containment measures such as restrictions on activities and events at the malls that were imposed by the government to prevent the spread of Covid-19 during the first and second quarter of the financial year under review.