Tuesday, May 3, 2011

Sunway REIT posts net profit of RM43.73m for 3Q

KUALA LUMPUR: Sunway Real Estate Investment Trust (REIT) posted net profit of RM43.73 million for the third quarter ended March 31, 2011.

It said on Tuesday, May 3 that gross revenue was RM82.3 million and net property income RM61.0 million.

'Income before taxation was RM43.7 million comprising realised net income of RM43.2 million and unrealised income of RM0.5 million arising mainly from fair value adjustment on financial derivatives,' it said.

For the nine months, Sunway REIT registered gross revenue of RM240.1 million and net property income of RM179 million. Income before taxation was RM399.6 million comprising realised net income of RM126.2 million and unrealised income of RM273.4 million arising mainly from fair value adjustment on investment PROPERTIES [].

As at March 31, 2011, Sunway REIT has distributed RM87.4 million or 3.26 sen per unit for the six months ended Dec 31, 2010.

'For the quarter ended 31 March 2011, Sunway REIT made a provision of approximately 100% of the realised distributable income amounting to RM45.6 million or 1.70 sen per unit payable on June 9, 2011,' it said.

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