PETALING JAYA (Jan 17, 2014): Pavilion Real Estate Investment Trust's net profit in the fourth quarter ended Dec 31, 2013, fell 65.4% to RM168.07 million from RM485.89 million a year ago.
The lower net profit was due to a change in fair value of investment properties of RM113.11 million, a drop of 74% from RM435.56 million recorded a year ago.
It told Bursa Malaysia that as a result net investment income fell 63.6% to RM182.23 million from RM500.55 million.
Gross revenue for the final quarter improved 8.4% to RM96.45 million from RM91.85 million a year ago.
The group announced a final income distribution of 3.71 sen per unit for the financial year end Dec 2013, payable on Feb 26.
For FY ended Dec 31, 2013, net profit fell 48.1% to RM327.25 million from RM630.2 million in FY12 due to the lower change in fair value of investment properties in Q4, 2013.
I bought this REIT in 2013, based on the news as above, i think i will increase my profolio when time and fund arrive.