The manager of Midvalley mall, IGB REIT posted its second quarter results reporting a revenue of RM150.million which is an  increase of 6.5% against the preceding year quarter of RM141.5 million. Net property income was RM109.5 million, increased 6.5% compared with the preceding year quarter of RM102.8 million.

Profit after taxation was RM81.5 million, increased 0.7% compared with the preceding year quarter of RM81.0 million. The group said the higher total revenue, net property income and profit after taxation were mainly due to the higher rental income in the current year quarter.

The distributable income for the current year quarter amounted to RM94.7 million, consisting of a profit of RM88.2 million, non-cash adjustments arising mainly from net fair value change of RM6.6 million and Manager's management fee payable in Units of RM6.2

For the current year-to-date, IGB REIT's total revenue was RM312.5 million, increased 5.5% against the preceding year-to-date of RM296.2 million. Net property income was RM233.7 million, increased 5.6% compared with the preceding year-to-date of RM221.3 million. Profit after taxation was RM181.2 million, increased 2.2% compared with the preceding year-to-date of RM177.2 million.

The higher total revenue, net property income and profit after taxation were mainly due to the higher rental income in the current year-to-date. The distributable income for the current year-to-date amounted to RM204.0 million, consisting of a profit of RM190.5 million, non-cash adjustments arising mainly from net fair value changes of RM9.3 million and Manager fee payable in Units of RM12.9 million.

As for outlook, IGB said the Retail Group Malaysia (RGM) initially projected a 4% growth in retail sales for the full year
of 2024 but revised down to 3.6%, citing a strong first quarter and moderate expectations for the second quarter. RGM projected a 2.5% growth in the retail sales for the third quarter and is aiming for a 3.2% increase in the fourth quarter following 2023's subdued performance.
It added a 10% sales tax on online sales of imported goods has contributed to the uptick in retail prices. Additionally, the service tax rate on goods and services rose from 6% to 8%, affecting the retail expenditure .