SunREIT 2Q net profit at RM45.24m

KUALA LUMPUR: Sunway Real Estate Investment Trust (SunREIT) registered a net profit of RM45.24 million for the second quarter ended Dec 31, 2010 (2QFY2011), comprising realised net income of RM44.7 million and unrealised income of RM0.5 million arising mainly from fair value adjustment on financial derivatives.

In a filing to Bursa Malaysia on Wednesday, Jan 26, the trust reported revenue of RM85.33 million for the quarter.

"Despite expectation of slight softening in the economy, with private sector consumption remaining robust in 2011, the manager is confident of achieving the profit forecast and income distribution for the financial period ending June 30, 2011 as disclosed in the prospectus of Sunway REIT dated June 15," it added.

Its basic eanrings per share stood at 1.69 sen. It declared second interim income distribution of 1.75 sen per unit, of which 1.74 sen per unit is taxable and 0.01 sen per unit is non-taxable arising from interest income, for second quarter.