A file picture of shoppers in Midvalley Megamall. IGB REIT has reported a
rise of 7.6% in its earnings for the fourth quarter ending Dec 31,
2013.
KUALA LUMPUR: IGB REIT, which owns the Mid Valley Megamall and the
Gardens Mall, saw its earnings rise 7.6% to RM158mil in the fourth
quarter ending Dec 31, from RM146.9mil in the corresponding quarter a
year earlier.
This put earnings per share at 4.63 sen, against 4.32 sen previously.
Revenue for the quarter came in RM114.3mil, up 11% from RM103mil
previously. (The profit figure is higher than revenue figure because it
includes unrealised gains from assets appreciation.)
IGB proposed a dividend 3.61 sen, amounting to RM123.9mil, and
payable on Feb 28, 2014 to unit holders entitled to payment as at 4pm on
Feb 18.
Year-to-date, IGB’s earnings rose 103.5% to RM311.9mil from
RM153.3mil previously, as revenue totalled RM430.7mil – up 273.6% from
the RM115.3mil before.
According to the management, the whopping increase was down mainly to
the acquisition of investment properties by IGB REIT that was completed
on Sept 20, 2012. Hence, the corresponding period-to-date only covered
approximately 3.37 months while current period-to-date covered 12 months
of financial results.
Moreover, a revaluation on Mid Valley Megamall and The Gardens Mall
by Henry Butcher Malaysia put the market value of Mid Valley Megamall
and The Gardens Mall as at Dec 31, 2013 at RM3.56bil and RM1.245bil
respectively, from RM3.5bil and RM1.2bil.
IGB REIT said it expected 2014 to be a challenging year, and hence
was cautiously optimistic that its financial performance for the year
ending Dec, 31, 2014 would be satisfactory.
For more information on Building and Construction event, please visit www.asiapacificevents.com
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