Revenue in the quarter grew to RM156.41mil from RM134.57mil a year earlier.
Pavilion-REIT said the growth in quarterly revenue was mainly due to higher contribution from rental income, spurred by increased occupancy, revenue rent, advertising and marketing income for retail malls. expects consumer spending in retail sales to stay resilient, despite concerns of the rising cost of living.
“Total property operating expenses were higher by RM13.7mil or 34% as compared to the same quarter of the preceding year. “These factors resulted in net property income increasing by RM8.1mil or 9% for the first quarter of 2023, as compared to the same quarter in 2022.” Going forward, Pavilion-REIT said its malls will continue to enhance its retail mix, and create differential experiences to ignite love and passion for shopping, dining and leisure.
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