Tuesday, November 1, 2011

Sunway REIT 1Q net profit at RM43.86m

KUALA LUMPUR (Nov 1): Sunway Real Estate Investment Trust (SunREIT) posted net profit of RM43.86 million in the first quarter ended Sept 30, 2011 on the back of RM95.04 million.

It said on Tuesday that earnings per share were 1.64 sen. It proposed an interim'' income distribution of approximately 100% of the realisable income amounting to RM47.1 million or 1.75 sen per unit. This amount includes surplus cash arising from 50% manager's fee payable in units of RM2.7 million.

SunREIT said the revenue of RM95.04 million was an increase of 31.2% or RM22.60 million from the RM72.44 million a year ago.

'The initial portfolio of eight PROPERTIES [] and Sunway Putra Place contributed to the increase by RM14.4 million and RM8.2 million respectively,' it said.

SunREIT said the retail properties from the initial portfolio had contributed an increase of RM9.8 million compared to 1Q2011 mainly due to flow through of rental revision from Sunway Pyramid Shopping Mall whereby approximately 1.1 million sq. ft. was renewed towards the end of September 2010 with a rental reversion of 16.3% for the three-year term.

The hotel properties from the initial portfolio's performance was RM3.7 million higher compared to 1Q2011 mainly attributable to continued strong support from the commercial group for event such as corporate meetings, corporate long stays and Commercial FIT.


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