PETALING JAYA: KIP Real Estate Investment Trust (KIP REIT) began its financial year of 2021 (FY21) with a 65% year-on-year (y-o-y) increase in realised profit before tax (PBT), leading to a higher income distribution to unitholders.
KIP REIT announced yesterday that its realised PBT rose to RM8.8mil in the first quarter ended Sept 30,2020 compared with RM5.3mil a year earlier, despite the amortisation of rental rebates of about RM700,000 during the latest first quarter.
However, the trust did not record any unrealised PBT in Q1 of FY2021, in comparison to an unrealised profit of RM13.2mil a year earlier from the acquisition of AEON Mall Kinta City.
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