Datuk Jeffrey NgKUALA LUMPUR (Aug 12): Sunway Real Estate Investment Trust’s (REIT) net property income (NPI) rose 6.81% to RM90.17 million for the quarter ended June 30, 2016, from RM84.42 million a year ago, mainly contributed by the retail segment.

In a filing with Bursa Malaysia, the REIT said revenue rose 7.53% to RM123.59 million, from RM114.94 million.

The trust has proposed a distribution per unit (DPU) of 2.12 sen for the quarter, bringing total payout for the full year to 9.18 sen, against 5.2% in the preceding year.

This translates into a DPU yield of 5.5% based on the unit price of RM1.66 as at June 30.

For the full year, Sunway REIT’s NPI expanded 9.69% to RM373.85 million, from RM340.83 million in FY15. Revenue grew 11.81% to RM507.01 million, from RM453.45 million.

The REIT said its financial performance was underpinned by growth from the retail and hotel segments, coupled with full-year income contribution from Sunway Putra Mall, Sunway Hotel Georgetown and Wisma Sunway.

“Sunway Putra Mall was reopened on May 28, 2015 following the completion of a massive refurbishment, while Sunway Hotel Georgetown and Wisma Sunway were acquired in January 2015 and March 2015 respectively,” it added.

Sunway REIT’s financial performance was, however, partially offset by a weak showing from the office segment.

Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng (pictured) said the outlook for the next financial year remains difficult.

“However, we hope to see gradual improvement in the performance of some of our assets,” he said.

Not sure how much you will have to pay a month for your home? Check out our mortgage calculator here.

This article first appeared in The Edge Financial Daily, on Aug 12, 2016. Subscribe to The Edge Financial Daily here.

SHARE
RELATED POSTS
  1. WORQ launches eighth co-working outlet at Sunway Putra Mall with 100% occupancy
  2. YNH says ALX Asset can’t raise enough fund to buy 163 Retail Park
  3. Sunway REIT 4Q net property income falls 7%, declares 4.68 sen DPU