KUALA LUMPUR: IGB Real Estate Investment Trust's (IGB REIT) net profit for the second quarter ended June 30, 2024 (2Q 2024) rose 0.7 per cent to RM81.54 million from RM80.97 million in 2Q 2023.
Revenue increased six per cent to RM149.96 million from RM141.54 million previously, it said in a filing with Bursa Malaysia today.
For the first half (1H) of 2024, the group's net profit rose to RM181.15 million from RM177.19 million in the same period last year, while revenue climbed to RM312.52 million from RM296.15 million previously.
IGB REIT attributed the higher revenue, net property income and profit after taxation to increased rental income in the current quarter.
On prospects, the manager remains cautious about retail sales growth, which could affect tenants' performance at shopping malls and, consequently, IGB REIT's financial performance.
The income distribution is 2.56 sen per unit, comprising 2.51 sen taxable and 0.05 sen non-taxable for the second quarter ended June 30, 2024, and will be paid on Aug 30, 2024.