IGB Reit’s Q4 net profit down 4% on higher allowance for impairment
Mid Valley Megamall, one of the properties in IGB Reit’s portfolio. – IGB website
PETALING JAYA: IGB Real Estate Investment Trust (Reit) saw a 4.2% decline in its net profit for the fourth quarter ended Dec 31 to RM72.1 million, from RM75.26 million a year before, mainly due to the higher allowance for impairment of trade receivables in the quarter.
Revenue for the quarter was RM147.5 million, increased 5.7% against the corresponding quarter in 2019 of RM139.6 million due to the reversal of over-provision for rental support.
The distributable income for the current quarter amounted to RM78.1 million, consisting of realised profit of RM72.1 million and the non-cash adjustments arising mainly from manager fee payable in units of RM5.6 million.