Sunway REIT sees RM61m property income in Q4

PETALING JAYA: Sunway REIT recorded a total net property income of RM60.7 million for its fourth quarter ended June 30, a 45.4% drop from RM111.18 million a year before, as the group registered the impact from the loss of business brought on by the movement control order period across its retail and hotel operating segments.

Gross revenue for the quarter was also 39.5% lower at RM88 million from RM145.6 million previously.

In its exchange filing, the group said its retail segment saw an overall reduction in net property income of 58.4%, while its hotel segment reported a drop of 57.8% in net property income. Conversely, net property income of the office segment in Q4’20 was RM6.4 million, higher by 10% compared with Q4’19.

The services segment also recorded higher revenue and net property income of RM14.9 million in the current quarter compared with RM13.2 million in the corresponding quarter last year, after the completion of the acquisition of Sunway University & College, and a higher contribution from Sunway Medical Centre.

For the full year, Sunway REIT saw a 9.1% dip in net property income to RM399.9 million, from RM439.7 million while gross revenue fell 7% to RM539.9 million from RM580.3 million a year before.

Sunway REIT also intends to take on a phased refurbishment of the Sunway Resort Hotel in FY2021, in view that it has sufficient capacity, supported by rooms inventory at Sunway Pyramid Hotel and Sunway Clio Hotel, to support the recovering demand of domestic travellers while cross-border restriction persists.