Sunway REIT profit fell to RM420m in FY12

Sunway Real Estate Investment Trust's (Sunway REIT) pre-tax profit for financial year ended June 30, 2012, fell to RM420.46 million from RM553.66 million in the same period last year.

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

In a filing to Bursa Malaysia today, Sunway REIT said the retail segment's revenue rose 23 per cent, or RM54.7 million, to RM292.3 million 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 RM71.6 million, an increase of 28.6 per cent, or RM15.9 million, compared with last year.

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

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

On prospect, 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 per cent of its distributable net income for the financial year ending June 30, 2013.

By Bernama