KIP Reit slips into net loss in Q4 on investment properties

TheStar Thu, Jul 30, 2020 08:40am - 3 years View Original


The increase was attributed to RM4mil from the acquisition of AEON Mall Kinta City (AMKC) (pic) at northern region in July 2019 but partially offset by the amortisation of rental rebate of RM1.4mil, in accordance with MFRS 16, given to the non-essential tenants affected by the movement control order (MCO). “The acquisition of AMKC also contributed to the increase in net property income by 17%, ” stated KIP Reit.

PETALING JAYA: KIP Real Estate Investment Trust (Reit) recorded its first quarterly net loss in the fourth quarter ended June 30, after it posted a RM13.2mil unrealised fair value loss on investment properties following the annual valuation exercise.

The net loss for the April-June 2020 period was RM5mil as compared to a net profit of RM11.53mil a year earlier.

However, KIP Reit told the stock exchange that its realised profit after tax for the fourth quarter was RM8.2mil, if the change in property fair value was removed.

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