AL-SALAM REIT ANNUAL REPORT 2020

117 ANNUAL REPORT 2020 Group Fund Note 2020 2019 2020 2019 RM RM RM RM Gross rental income 4 82,352,366 88,542,113 82,352,366 88,542,113 Other income 5 3,748,350 6,370,271 3,748,350 6,370,271 Total revenue 86,100,716 94,912,384 86,100,716 94,912,384 Utilities expenses (4,287,747) (6,580,693) (4,287,747) (6,580,693) Maintenance expenses (3,841,956) (4,238,846) (3,841,956) (4,238,846) Quit rent and assessment (1,832,035) (1,730,461) (1,832,035) (1,730,461) Property manager fee (483,915) (413,477) (483,915) (413,477) Other property expenses (10,685,331) (12,827,893) (10,685,331) (12,827,893) Total property expenses (21,130,984) (25,791,370) (21,130,984) (25,791,370) Net property income 64,969,732 69,121,014 64,969,732 69,121,014 Investment income 6 451,867 1,067,052 451,867 1,067,052 Net fair value (loss)/gain on investment properties 10 (31,261,883) 3,543,048 (31,261,883) 3,543,048 Total investment expense/income (30,810,016) 4,610,100 (30,810,016) 4,610,100 Net investment income 34,159,716 73,731,114 34,159,716 73,731,114 Islamic financing costs: Finance costs (26,882,588) (31,636,851) (14,716,516) (22,601,079) Finance costs from a subsidiary - - (12,166,072) (9,035,772) Imputed finance costs (2,007,193) (2,185,227) (2,007,193) (2,185,227) Allowance for expected credit losses of trade receivables 13 (13,404,632) - (13,404,632) - Manager fees (2,323,291) (2,229,843) (2,323,291) (2,229,843) Trustee fees (124,660) (123,539) (124,660) (123,539) Audit fees - Current year (186,000) (145,000) (156,000) (120,000) - Other services (10,000) (10,000) (10,000) (10,000) Valuation fees (605,000) (521,189) (605,000) (521,189) Other expenses (901,417) (726,821) (872,222) (685,602) Total fund expenses (46,444,781) (37,578,470) (46,385,586) (37,512,251) (Loss)/profit before tax (12,285,065) 36,152,644 (12,225,870) 36,218,863 Tax 7 (1,245,581) - (1,245,581) - (Loss)/profit for the year, representing total comprehensive (expense)/income for the year (13,530,646) 36,152,644 (13,471,451) 36,218,863 STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020