ILAM Fahari I-Reit, a real estate investment trust, has posted a net profit of Kes 42.2 million in the half-year period that ended on 30th June 2021, a 51% decline from the Kes 86 million reported in the same period last year.
The company attributed the decline to the steep drop to a loss of revenue from the anchor tenant at Greenspan Mall after the exit of the troubled Tuskys Supermarket. ILAM’s rental and related income dipped to Kes136.7 million at the end of June this year from Kes174.7 million at the end of June last year. However, the real estate firm said it has now brought Naivas supermarket as the replacement tenant.
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