PETALING JAYA: UOA Real Estate Investment Trust (REIT) returned to the black, with a net profit of RM7.55mil in the fourth quarter (Q4) ended Dec 31,2020, compared to a net loss of RM9.81mil a year earlier.
Despite lower revenue, it managed to record profits for the quarter in review, owing to reduced borrowing costs and tax expense as well as a gain of RM1.76mil on investment properties.
UOA REIT’s fourth-quarter revenue fell 8.4% year-on-year (y-o-y) to RM18.18mil, mainly due to a drop in gross rental following the rebates given as support to tenants.
...