Sunway-reit 1Q net profit jumps almost three-fold

PETALING JAYA: Sunway Real Estate Investment Trust’s (Sunway-reit) net profit for its first quarter ended March 31, surged to Rm106.32mil from Rm36.82mil in the previous corresponding period, driven by better performances from all its business segments.

Revenue in the first quarter grew to Rm153.97mil from Rm104.27mil a year earlier.

In a filing with Bursa Malaysia yesterday, Sunway-reit said the retail segment recorded gross revenue of Rm98.4mil for the first quarter ended March 31 – an increase of 83% or Rm44.8mil compared with the same period last year.

It said this was mainly due to the improved performance across all retail properties, primarily contributed by Sunway Pyramid Mall which doubled its revenue to Rm77.6mil during the period.

“The improved performance of the retail properties was supported by the higher retail footfall and encouraging tenant sales in the first quarter of 2022, in conjunction with the strong pent-up demand, festive spending and relaxation of Covid-19 measures. Hence, marginal rental support was granted as compared to the first quarter of 2021.”

Separately, Sunway-reit said net property income of the hotel segment increased by 36% or Rm4.6mil year-on-year to Rm17.4mil in the first quarter of 2022.

“Correspondingly, net property income of the office segment was higher by 2% year-onyear to Rm13.7mil.”

The services segment contributed stable gross revenue and net property income of Rm15.8mil for the first quarter of 2022, a marginal increase of 3% due to the annual rental reversion of Sunway Medical Centre and Sunway university and college campus in accordance with the master lease agreements.