IGB Real Estate Investment Trust’s (IGB REIT) net profit slid 17.5% to RM68.36 mil in the first quarter ended March 31, 2020 from RM82.87 mil a year earlier.
Revenue declined 11.5% to RM125.0 mil from RM141.2 mil in the corresponding quarter of 2019, it said in a filing with Bursa Malaysia today.
“The lower revenue, net property income and profit after taxation were mainly due to the rental support provided to tenants and lower car park income arising from Covid-19 and the Movement Control Order (MCO) since mid-March,” IGB REIT said.
Despite the grim outlook and many challenges ahead, IGB REIT is determined to remain resilient throughout the pandemic, and is committed to long-term value for stakeholders, it said. — April 22, 2020, Bernama
