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Wednesday, August 8, 2012

Sunway REIT FY12 pretax profit falls to RM420mil

KUALA LUMPUR: Sunway Real Estate Investment Trust’s (Sunway REIT) pretax profit for the financial year ended June 30, 2012, fell to RM420.46mil from RM553.66mil in the same period last year.

Revenue, however, rose to RM406.43mil from RM327.42mil previously.

In a filing with Bursa Malaysia yesterday, Sunway REIT said the retail segment’s revenue rose 23%, or RM54.7mil, to RM292.3mil due to a rental reversion in Sunway Pyramid Mall and better contribution from Sunway Putra Mall.

It said the hotel segment registered gross revenue of RM71.6mil, an increase of 28.6%, or RM15.9mil, compared with last year.

“The strong revenue growth was primarily contributed by Sunway Putra Hotel of RM9.1mil and hotel properties located in Sunway Resort City of RM7.3mil,” it said.

Sunway REIT said the office segment for the financial year recorded gross revenue of RM42.6mil, up 24.6%, or RM8.4mil, from last year, attributable to the addition of Sunway Putra Tower, which mitigated the drop in occupancy at Sunway Tower.

On its prospects, it said domestic demand would provide the support to sustain the economy amid softer external demand.

Sunway REIT said it would continue with its capital management programme in view of the accommodative monetary policy and was committed to distribute 100% of its distributable net income for the financial year ending June 30, 2013.

By Bernama

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