KUALA LUMPUR (Nov 5): Sunway Real Estate Investment Trust’s (REIT) net property income (NPI) grew 7.7% to RM119.07 million for the first quarter ended Sept 30, 2019, from RM110.51 million during the same period last year, in line with higher revenue.

Its quarterly revenue was up 8.1% at RM155.35 million from RM143.74 million a year ago, while net profit rose 8% to RM78.82 million from RM73.01 million, according to a filing to Bursa Malaysia today.

The REIT attributed the higher earnings to contribution from the newly-acquired Sunway university and college campus and better performance across all segments.

Its net realised income for the quarter rose 1% to RM73.73 million from RM72.98 million.

The group also declared a first income distribution per unit (DPU) of 2.5 sen for the financial year ended June 30, 2020 (FY20), to be paid on Dec 4.

The first three months of FY20 saw an improvement across all segments, said Sunway REIT in a separate statement today.

“The improvement is largely contributed by Sunway Carnival Shopping Mall,” the REIT added.

As at Sept 30, Sunway REIT’s property value grew to RM8.06 billion, from RM7.3 billion a year ago, while the number of properties rose to 17 from 16 previously.

“This year marks Sunway REIT’s first decade of listed on the stock exchange. Over the span of 10 years, Sunway REIT has maintained an uninterrupted track record in delivering positive DPU growth, supported by strong asset quality, proactive capital management, active acquisition and asset enhancement initiatives (AEIs) strategy,” said Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng.

“We are pleased to demonstrate that our diversification strategy, active acquisition and AEIs strategy has continued to drive new income stream amidst challenging operating environment,” he added.

On prospects for FY20, Ng said Sunway REIT expects to maintain resilient distribution per unit in FY20, predominantly supported by modest growth in retail segment and full year income contribution from the newly acquired Sunway university and college campus.

Sunway REIT’s unit price closed one sen or 0.54% lower at RM1.83 today, valuing the trust at RM5.39 billion.

News Source: EdgeProp, 5 November 2019.

You have already added 0 property


Forgot Password?