Sunway REIT’s FY18 revenue rises 7.2 pct to RM560.4 mln
KUALA LUMPUR: Sunway Real Estate Investment Trust (Sunway REIT) posted a higher revenue of RM560.4 million for the financial year ended June 30, 2018 (FY18), up 7.2 per cent against RM522.9 million recorded in the same period last year.
This was underpinned by retail segment and new income contribution from newly completed acquisitions, namely Sunway REIT Industrial - Shah Alam One and Sunway Clio Property, with a total combined property value of RM436 million.
Net property income expanded by 8.0 per cent year-on-year (y-o-y) to RM419.9 million.
Netrealisedincome, meanwhile, increased by 4.2 per cent y-o-y to RM281.9 million with the corresponding improvement in distribution per unit (DPU) of 4.1 per cent y-o-y to 9.57 sen.
Based on Sunway REIT’s last traded unit price of RM1.77 as of 30 June 2018, the proposed and declared DPU translated into a distribution yield of 5.4 per cent.
On outlook, Sunway REIT Management Sdn Bhd chief executive officer, Datuk Jeffrey Ng, said: “In view of a global interest rate normalisation cycle, the Manager is cautious of the prospects and endeavours to maintain the DPU in FY19.
“The retail segment is expected to grow modestly and the hotel segment is expected to grow moderately, however, this will be partially offset by income disruption from the ongoing refurbishment activities at Sunway Resort Hotel & Spa. — Bernama THE Malaysian rubber market closed higher yesterday on a weaker ringgit against the US dollar, coupled with a slight recovery in oil prices, dealers said.
A dealer said the market was also lifted by news that the Thai government was paying planters to stop growing rubber in an effort to raise prices.
At 12pm, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 rose 3.5 sen at 545.5 sen a kg, while latex-in-bulk added 1.5 sen to 408 sen per kg.
The unofficial closing price for tyre-grade SMR 20 gained three sen to 542 sen a kg, while latexin-bulk inched up 1.5 sen to 409 sen per kg.