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 to Bursa Malaysia today, the company said it registered a gross revenue of RM240.1 million and net property income of RM179.0 million for year-to-date ended March 31, 2011.
Its pre-tax income was RM399.6 million comprising realised net income of RM126.2 million and unrealised income of RM273.4 million arising mainly from fair value adjustment on investment properties.
On 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 per cent for the nine-month period ended March 31, 2011 as compared to the previous corresponding period whilst its Sunway Carnival Shopping Mall registered 6.3 per cent growth.
'Occupancy remained strong with Sunway Pyramid Shopping Mall at 99 per cent, Sunway Carnival Shopping Mall at 92 per cent and SunCity Ipoh Hypermarket at 100 per cent,' it said.
For the nine-month period ended March 31, 2011, Sunway REIT said all its hotel properties achieved higher average daily rates compared to the previous corresponding period.
It said occupancy rates improved for Sunway Resort Hotel and Spa, Pyramid Tower Hotel and Sunway Hotel Seberang Jaya to 68.4 per cent, 80.4 per cent and 79.1 per cent respectively compared to 66.2 per cent, 80.1 per cent and 76.5 per cent respectively previously.
On the office market, Sunway REIT said rental income was sustainable but there was limited upside due to the softer market sentiments. -- Bernama
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