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KUALA LUMPUR (Jan 28): Sunway Real Estate Investment Trust’s (Sunway REIT) net property income (NPI) for the second quarter ended Dec 31, 2015 (2QFY16) came in at RM97.05 million, up 11.9% from RM86.74 million a year ago, largely on improved performance in its retail and hotel segments.
During the quarter, Sunway REIT also recognised a non-recurring income of RM6.2 million, a court award for the loss of income from Sunway Putra Mall, the statement read.
It announced a distribution per unit (DPU) of 2.57 sen - payable on March 1 - 13.2% higher year-on-year (y-o-y) from 2.27 sen in 2QFY15. Thus, its DPU for the six months ended Dec 31 (1HFY16) was at 4.69 sen, 3.1% higher y-o-y from 4.55 sen.
Revenue for 2QFY16 came in 15.7% higher y-o-y at RM131.87 million from RM114 million, again due to improved performance in its hotel and retail segments, though that was offset by lower contributions from its office segment. Profit was up 13% y-o-y at RM71.52 million from RM63.27 million.
For 1HFY16, Sunway REIT’s NPI came in 7.9% higher y-o-y at RM187 million from RM173.23 million, while revenue rose 11.1% y-o-y to RM253.08 million from RM227.81 million. Profit was up 7.4% y-o-y at RM136.03 million from RM126.72 million.
The REIT’s retail segment remained its key growth catalyst, with a 13.5% y-o-y revenue growth and a 10.8% y-o-y NPI growth in 1HFY16, due to solid performance from Sunway Pyramid shopping mall and the resumption of contributions from Sunway Putra Mall, following its May reopening after a two-year closure.
This article first appeared in The Edge Financial Daily, on Jan 28, 2016. Subscribe to The Edge Financial Daily here.
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