Sunway REIT posts Q2 pre-tax profit

KUALA LUMPUR (Jan 23): Sunway Real Estate Investment Trust (Sunway REIT) has reported a pre-tax profit of RM56.122 million for the second quarter (Q2) of its financial year ending June 30, 2013 (Q213) from RM50.761 million for the same period last year.

Gross revenue for the period fell to RM105.820 million from RM110.737 million a year ago.Net income (realised) rose 10.6 per cent year-on-year in Q213 driven by growth in retail sector and substantial interest savings from capital management initiatives, according to a statement by Sunway REIT.

The group's assets value expanded from RM4.63 billion to RM4.96 billion with the completion of the acquisition of Sunway Medical Centre on Dec 31, 2012. Sunway REIT Management Sdn Bhd, the manager of Sunway REIT, has declared a distribution per unit of 2.19 sen for Q213, bringing year-to-date distribution per unit to 4.22 sen; translating into annualised distribution yield of 5.4 per
cent.

Sunway REIT said its financial performance in the quarter reviewed was driven largely by the retail segment and boosted by substantial interest savings from capital management initiatives.

Sunway Pyramid Shopping Mall, the prime income contributor to Sunway REIT, registered a year-on-year revenue growth and net property income growth of 5.8 per cent and 6.3 per cent, respectively.

Datuk Jeffrey Ng, chief executive officer of Sunway REIT Management said:“We are confident that the distribution per unit (DPU) for the current financial year ending June 30, 2013 will surpass the previous year underpinned by growth in retail segment, interest savings capital management initiatives and new income stream arising from the acquisition of Sunway Medical Centre."
- Bernama