Tower REIT falls short in net trust income for Q1

TheStar Wed, Oct 14, 2020 08:40am - 3 years View Original


“However, net trust income for the current quarter decreased by 23.2% compared to the corresponding quarter in the preceding year mainly due to higher interest expense and the one off expenses related to the acquisition of Menara Guoco, ” it said in a filing with Bursa Malaysia

PETALING JAYA: Tower Real Estate Investment Trust (REIT) saw its first-quarter net trust income falling to RM1.57mil from RM2.04mil in the same quarter a year ago.

This is despite gross revenue for the quarter, which ended on Sept 30, rising to RM6.51mil from RM5.66mil a year ago.

Tower REIT said there was a rise in manager’s fees, administrative expenses and interest expenses that led to the fall in net property income.

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