Sentral REIT posts RM22.64m net profit IN 2Q, declares 3.43 sen distribution per unit for first half

KUALA LUMPUR (Aug 5): Sentral Real Estate Investment Trust (REIT) posted an improved net profit at RM22.64 million for the second quarter (Q2) ended June 30, 2021 from RM19.08 million in the same quarter last year.

Its revenue, however, declined to RM37.62 million from RM40.62 million previously, mainly due to lower revenue generated from Platinum Sentral, Plaza Mont'Kiara, QB3-BMW and Wisma Technip, it said in a filing with Bursa Malaysia, today. 

"Property operating expenses for 2Q2021 were RM8.6 million, a decrease of approximately RM0.6 million or 6.1 per cent compared to 2Q2020, mainly due to lower operating expenses incurred for some of the properties under the portfolio," it said.

In a separate filing, Sentral REIT announced a realised net income and realised earnings per unit (EPU) of RM43.3 million and 4.04 sen respectively for the six months period from Jan 1, 2021 to June 30, 2021 (1H2021), an increase of 11.5 per cent from the corresponding period in 2020. 

"Sentral REIT declares a distribution income and distribution per unit (DPU) of RM36.8 million and 3.43 sen respectively for 1H2021, which translates to a yield of 7.6 per cent based on Sentral REIT's closing price of RM0.905 on June 30, 2021. 

"As Sentral REIT pays distribution semi-annually, the DPU of 3.43 sen is expected to be distributed on Sept 20, 2021. The book's closure date has been fixed for Aug 23, 2021," it said. 

Sentral REIT Management Sdn Bhd chief executive officer Yong Su-Lin said Sentral’s stable performance for the quarter was backed by its healthy committed portfolio occupancy of 91.7 per cent recorded as at June 30, 2021. 

"In terms of lease renewal, Sentral has approximately 440,000 square feet (sq ft) or 22 per cent of its total leased net lettable area, due for renewal in 2021 with the bulk of these leases due in the second half of 2021. 

"Approximately 56,000 sq ft or 73 per cent of leases due in 1H2021 have been successfully renewed," she said.

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