SunREIT 1Q net profit at RM43.86m

KUALA LUMPUR (Nov 2): Sunway Real Estate Investment Trust (SunREIT) posted net profit of RM43.86 million in 1QFY11 ended Sept 30 on revenue of RM95.04 million.

SunREIT proposed an interim income distribution of about 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 was an increase of 31.2% from 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 with 1Q11 mainly due to rental revision from Sunway Pyramid Shopping Mall, whereby about 1.1 million sq ft was renewed towards end-September 2010 with a rental reversion of 16.3% for the three-year term.

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