13:28:36 Malaysia's MRCB-Quill REIT 2Q Net Property Income Falls 12.4% As Revenue Slips
KUALA LUMPUR (Aug 07) -- MRCB-Quill REIT, a Malaysian property trust focusing on commercial properties, said Wednesday its second quarter net property income fell 12.4% year-on-year due to lower revenue generated from several properties under management.
Net property income for the three months ended Jun. 30 was 29.49 million ringgit ($7.03 million) compared with 33.65 million ringgit a year ago, according to an exchange filing. Net property income refers to profit from rental operations after deducting property expenses.
The company declared distribution per unit of 3.43 sen amounting to 36.76-million-ringgit payable on Sep. 23.
Net profit for the quarter fell 30% to 16.46 million ringgit from last year’s 23.49 million ringgit, while revenue fell 10.3% on year to 39.19 million ringgit.
“The Klang Valley office market is expected to remain challenging,” the company said.
MRCB-Quill REIT expects to focus on asset management and leasing strategies that are focused toward tenant retention to overcome the challenging operating environment in 2019, it added.
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