Sunway REIT records 3Q pre-tax profit of RM44m

KUALA LUMPUR: Sunway Real Estate Investment Trust (Sunway REIT) posted a pre-tax profit of RM43.7 million and a revenue of RM82.3 million for the third quarter ended March 31, 2011.

In a filing with Bursa Malaysia on Tuesday, May 3, the company said it registered a gross revenue of RM240.1 million and a net property income of RM179 million for year-to-date ended March 31, 2011.

Its pre-tax income was RM399.6 million comprising a realised net income of RM126.2 million and an unrealised income of RM273.4 million, arising mainly from fair value adjustment on investment properties.

On its prospects, Sunway REIT said its retail properties will be able to enjoy another year of robust performance, underpinned by growth in visitorship, double-digit growth in rental reversions and continued growth in consumer spending.

It said the Sunway Pyramid Shopping Mall recorded an increase in visitorship of 2.3% for the nine-month period ended March 31, 2011 as compared to the previous corresponding period whilst its Sunway Carnival Shopping Mall registered a 6.3% growth.

"Occupancy remained strong with Sunway Pyramid Shopping Mall at 99%, Sunway Carnival Shopping Mall at 92% and SunCity Ipoh Hypermarket at 100%," it said.

For the nine-month period ended March 31, 2011, Sunway REIT said all its hotel properties achieved higher average daily rates compared with the previous corresponding period.

It said occupancy rates improved for Sunway Resort Hotel & Spa, Pyramid Tower Hotel and Sunway Hotel Seberang Jaya to 68.4%, 80.4% and 79.1% respectively compared with 66.2%, 80.1% and 76.5% previously.

On the office market, Sunway REIT said rental income was sustainable but there was limited upside due to softer market sentiments. — Bernama