Quarterly rpt on consolidated results for the financial period ended 31 Dec 2024
TOWER REAL ESTATE INVESTMENT TRUST
Financial Year End | 30 Jun 2025 |
Quarter | 2 Qtr |
Quarterly report for the financial | 31 Dec 2024 |
period ended | |
The figures | have not been audited |
Attachments
Tower REIT Q2 Results.pdf
901.2 kB
Default Currency Other Currency
Currency: Malaysian Ringgit (MYR)
SUMMARY OF KEY FINANCIAL INFORMATION
31 Dec 2024
INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
CURRENT | PRECEDING YEAR | CURRENT | PRECEDING | ||
YEAR | CORRESPONDING | YEAR TO DATE | YEAR | ||
QUARTER | QUARTER | CORRESPONDING | |||
PERIOD | |||||
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | ||
MYR'000 | MYR'000 | MYR'000 | MYR'000 | ||
1 | Revenue | 10,027 | 9,083 | 20,083 | 18,137 |
2 | Profit/(loss) before | 2,342 | 418 | 4,321 | 700 |
tax | |||||
3 | Profit/(loss) for the | 2,342 | 418 | 4,321 | 700 |
period | |||||
4 | Profit/(loss) | 2,342 | 418 | 4,321 | 700 |
attributable to | |||||
ordinary equity | |||||
holders of the | |||||
parent | |||||
5 | Basic | 0.48 | 0.15 | 0.88 | 0.25 |
earnings/(loss) per | |||||
share (Subunit) | |||||
6 | Proposed/Declared | 0.82 | 0.23 | 0.82 | 0.23 |
dividend per share | |||||
(Subunit) | |||||
AS AT END OF CURRENT | AS AT PRECEDING FINANCIAL | ||||
QUARTER | YEAR END | ||||
7 | Net assets per | 1.1625 | 1.1614 | ||
share attributable | |||||
to ordinary equity | |||||
holders of the | |||||
parent | |||||
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit. Example for the subunit as follows:
Country | Base Unit | Subunit |
Malaysia | Ringgit | Sen |
United States | Dollar | Cent |
United Kingdom | Pound | Pence |
Announcement Info
Company Name | TOWER REAL ESTATE INVESTMENT TRUST |
Stock Name | TWRREIT |
Date Announced | 20 Jan 2025 |
Category | Financial Results |
Reference Number | FRA-16012025-00002 |
TOWER REAL ESTATE INVESTMENT TRUST
CONDENSED FINANCIAL STATEMENTS
FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
Contents | Page |
Condensed Statement of Comprehensive Income | 1 |
Condensed Statement of Financial Position | 2 |
Condensed Statement of Changes In Net Asset Value | 3 |
Condensed Statement of Cash Flow | 4 |
Notes to the Financial Statements | 5 - 12 |
TOWER REAL ESTATE INVESTMENT TRUST
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
The figures have not been audited. | ||||
Individual Quarter | Cumulative Quarter | |||
Preceding Year | Preceding | |||
Current Year | Corresponding | Current Period | period | |
Quarter Ended | Quarter Ended | To Date | To Date | |
31.12.2024 | 31.12.2023 | 31.12.2024 | 31.12.2023 | |
RM'000 | RM'000 | RM'000 | RM'000 | |
Income | ||||
Gross revenue | 10,027 | 9,083 | 20,083 | 18,137 |
Property operating expenses | (4,129) | (4,475) | (8,442) | (9,188) |
Net property income | 5,898 | 4,608 | 11,641 | 8,949 |
Interest income | 230 | 15 | 506 | 32 |
Other income | 15 | 20 | 32 | 32 |
6,143 | 4,643 | 12,179 | 9,013 | |
Expenses | ||||
Manager's fees | (612) | (568) | (1,228) | (1,133) |
Trustee's fee | (43) | (38) | (86) | (76) |
Administrative expenses | (259) | (167) | (726) | (249) |
Interest expense | (2,887) | (3,452) | (5,818) | (6,855) |
(3,801) | (4,225) | (7,858) | (8,313) | |
Net Trust Income | 2,342 | 418 | 4,321 | 700 |
Change in fair value of investment properties | - | - | - | - |
Income before tax | 2,342 | 418 | 4,321 | 700 |
Taxation | - | - | - | - |
Income after tax | 2,342 | 418 | 4,321 | 700 |
Other comprehensive income | - | - | - | - |
Total comprehensive income for the period | 2,342 | 418 | 4,321 | 700 |
Total comprehensive income for the period | ||||
is made up as follows: | ||||
- Realised | 2,342 | 418 | 4,321 | 700 |
- Unrealised | - | - | - | - |
2,342 | 418 | 4,321 | 700 | |
BASIC EARNINGS PER UNIT (SEN) | ||||
- Realised | 0.48 | 0.15 | 0.88 | 0.25 |
- Unrealised | - | - | - | - |
0.48 | 0.15 | 0.88 | 0.25 |
The Condensed Statement of Comprehensive Income should be read in conjunction with the audited financial statements for the financial year ended 30 June 2024 and the accompanying explanatory notes attached.
1
TOWER REAL ESTATE INVESTMENT TRUST
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The figures have not been audited. | ||
Unaudited | Audited | |
As At | As At | |
31.12.2024 | 30.06.2024 | |
RM'000 | RM'000 | |
ASSETS | ||
Non-current assets | ||
Plant and equipment | 8,137 | 4,925 |
Investment properties | 802,000 | 802,000 |
810,137 | 806,925 | |
Current Assets | ||
Trade receivables | 1,786 | 459 |
Other receivables, deposits and prepayments | 3,353 | 3,388 |
Cash and bank balances | 25,607 | 26,846 |
30,746 | 30,693 | |
TOTAL ASSETS | 840,883 | 837,618 |
LIABILITIES | ||
Non-current liabilities | ||
Tenants' deposits | 5,951 | 8,105 |
Borrowings | 232,421 | 232,312 |
Deferred tax liability | 17,291 | 17,291 |
255,663 | 257,708 | |
Current liabilities | ||
Trade payables | 432 | 61 |
Other payables and provisions | 6,959 | 5,049 |
Tenants' deposits | 7,208 | 4,720 |
14,599 | 9,830 | |
TOTAL LIABILITIES | 270,262 | 267,538 |
NET ASSET VALUE | 570,621 | 570,080 |
REPRESENTED BY: | ||
Unitholders' capital | 350,025 | 350,025 |
Undistributed income - unrealised | 158,165 | 158,165 |
Undistributed income - realised | 62,431 | 61,890 |
570,621 | 570,080 | |
NUMBER OF UNITS IN CIRCULATION (UNITS) | 490,875,000 | 490,875,000 |
NET ASSET VALUE PER UNIT (RM) | ||
- Before income distribution | 1.1625 | 1.1614 |
- After income distribution | 1.1543 | 1.1537 |
The Condensed Statement of Financial Position should be read in conjunction with the audited financial statements for the financial year ended 30 June 2024 and the accompanying explanatory notes attached.
2
TOWER REAL ESTATE INVESTMENT TRUST
CONDENSED STATEMENT OF CHANGES IN NET ASSET VALUE
FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
The figures have not been audited. | ||||
Undistributed Income | ||||
Unitholders' Non-distributable Distributable | ||||
Capital | Unrealised | Realised | Total | |
RM'000 | RM'000 | RM'000 | RM'000 | |
Current Period To Date | ||||
At 1 July 2024 | 350,025 | 158,165 | 61,890 | 570,080 |
Operations for the period ended 31 December 2024 | ||||
Net income for the period | - | - | 4,321 | 4,321 |
Total comprehensive income for the period | - | - | 4,321 | 4,321 |
Unitholders' transactions | ||||
Distribution to unitholders | ||||
- 2024 final (paid on 30 August 2024) | - | - | (3,780) | (3,780) |
- | - | (3,780) | (3,780) | |
At 31 December 2024 | 350,025 | 158,165 | 62,431 | 570,621 |
Preceding Period To Date | ||||
At 1 July 2023 | 285,345 | 155,631 | 60,095 | 501,071 |
Operations for the period ended 31 December 2023 | ||||
Net income for the period | - | - | 700 | 700 |
Total comprehensive income for the period | - | - | 700 | 700 |
Unitholders' transactions | ||||
Distribution to unitholders | ||||
- 2023 final (paid on 30 August 2023) | - | - | (757) | (757) |
- | - | (757) | (757) | |
At 31 December 2023 | 285,345 | 155,631 | 60,038 | 501,014 |
The Condensed Statement of Changes in Net Asset Value should be read in conjunction with the audited financial statements for the financial year ended 30 June 2024 and the accompanying explanatory notes attached.
3
TOWER REAL ESTATE INVESTMENT TRUST
CONDENSED STATEMENT OF CASH FLOW
FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
The figures have not been audited. | ||
Current | Preceding | |
Period | Period | |
To Date | To Date | |
31.12.2024 | 31.12.2023 | |
RM'000 | RM'000 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Income before tax | 4,321 | 700 |
Adjustments for: | ||
Depreciation | 409 | 410 |
Interest expense | 5,818 | 6,855 |
Interest income | (506) | (32) |
Net loss on impairment of trade receivables | 292 | - |
Operating profit before working capital changes | 10,334 | 7,933 |
Changes in working capital: | ||
Trade and other receivables | (1,584) | (479) |
Trade and other payables | 2,615 | 1,229 |
Net cash generated from operating activities | 11,365 | 8,683 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of plant and equipment | (3,621) | (2,311) |
Interest income | 506 | 32 |
Net cash used in investing activities | (3,115) | (2,279) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Interest paid | (5,709) | (6,746) |
Proceeds from borrowings | - | 2,400 |
Repayment of borrowings | - | (1,600) |
Distribution paid to unitholders | (3,780) | (757) |
Net cash used in financing activities | (9,489) | (6,703) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (1,239) | (299) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF | 26,846 | 1,324 |
THE FINANCIAL PERIOD | ||
CASH AND CASH EQUIVALENTS AT END OF THE | ||
FINANCIAL PERIOD | 25,607 | 1,025 |
Cash and cash equivalents comprise: | ||
Short term deposits | 25,359 | - |
Cash and bank balances | 248 | 1,025 |
25,607 | 1,025 |
The Condensed Statement of Cash Flow should be read in conjunction with the audited financial statements for the financial year ended 30 June 2024 and the accompanying explanatory notes attached.
4
TOWER REAL ESTATE INVESTMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR
FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
A. Explanatory Notes pursuant to the Malaysian Financial Reporting Standard ("MFRS") 134
A1. Basis of preparation
The quarterly financial report is unaudited and prepared in accordance with MFRS 134: Interim Financial
Reporting, IAS 34: Interim Financial Reporting and Paragraph 9.44 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. It does not include all the information required for full annual financial statements and should be read in conjunction with the audited financial statements of Tower Real Estate Investment Trust ("Tower REIT" or "Trust") for the financial year ended 30 June 2024.
Changes in Accounting Policies
The accounting policies and methods of computation used in the preparation of the quarterly financial statements are consistent with those adopted in the preparation of the audited financial statements of Tower REIT for the financial year ended 30 June 2024. The initial application of the accounting standards, amendments or interpretations do not have any material financial impact to the current year and prior year's financial statements of Tower REIT.
A2. Audit Report of Preceding Financial Year
The Auditors' Report of the preceding financial year ended 30 June 2024 was not subject to any qualification.
A3. Seasonality or Cyclicality of Operations
The business operations of the Trust were not affected by any seasonal or cyclical factors for the quarter under review.
A4. Unusual Items
There were no unusual items to be disclosed for the quarter under review.
A5. Changes in Estimates of Amounts Reported in Prior Interim Periods of the Current Financial year or in Prior Financial years
There were no changes in estimates of amounts reported in prior interim periods of the current financial year or prior financial years that have had a material impact in the current financial year.
A6. Debt and Equity Securities
There was no issuance, cancellation, repurchase, resale and repayment of debt and equity securities for the current quarter and the financial year to-date.
5
TOWER REAL ESTATE INVESTMENT TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR
FOR THE SECOND QUARTER ENDED 31 DECEMBER 2024
A7. | Income Distribution Paid During the Current Quarter | |
No income distribution was paid during the quarter under review. | ||
A8. | Segmental Reporting | |
No operating segment information has been prepared as the Trust has only one reportable segment and its assets | ||
are located in Malaysia. | ||
A9. | Valuation of Investment Properties | |
The valuation of Menara HLX, Plaza Zurich and Menara Guoco had been brought forward without any | ||
amendments from the previous audited financial statements | ||
A10. Borrowing and Debt Securities | ||
Particulars of the Trust's borrowings as at 31 December 2024 are as follows: | ||
RM'000 | ||
Secured | 232,421 | |
Unsecured | - | |
232,421 | ||
The above borrowing is denominated in Ringgit Malaysia. | ||
A11. | Material Events | |
There were no material events subsequent to the current period under review up to the date of this quarterly | ||
report that required disclosure. |
A12. Changes in the Composition of the Trust
There was no change in the composition of the Trust during the current quarter, and the fund comprised 490,875,000 units.
A13. Contingent Liabilities and Contingent Assets
There were no contingent liabilities or contingent assets to be disclosed.
6