Tower REIT Earnings up 36% in Q1 (The Star)
October 14, 2021 – Tower Real Estate Investment Trust (Tower REIT) posted a 36% jump in net profit to RM2.13mil for the first quarter ended Sept 30, 2021 compared with RM1.56mil a year earlier.
Revenue for the three-month period ended Sept 30 surged about 26% to RM8.21mil from RM6.5mil previously.
In a filing with Bursa Malaysia, Tower REIT attributed the topline and bottom line performance to recognition of full revenue from Menara Guoco, as well as lower expenses in Plaza Zurich and Menara HLX.
There was no dividend announced in the first quarter.
Tower REIT is expecting demand and rental rates in the office sector to stay subdued as it remains cautious on the country’s economic recovery and the oversupply of office space, especially in the Klang Valley.
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