Article: Sunway REIT Q4 net profit drops 18%

PETALING JAYA: Sunway Real Estate Investment Trust’s (REIT) net profit for the fourth quarter ended June 30, 2013, contracted 17.7% year-on-year to RM228.97mil mainly due to the significant slump in its unrealised income, which represented the fair value gain on its investment properties.

Consequently, Sunway REIT’s earnings per unit for the quarter fell to 8.07 sen from 10.32 sen in the previous corresponding period.

Sunway REIT’s gross revenue in the quarter rose 1.3% to RM103.9mil. Its net realised income for the quarter gained 15.4% to RM55.5mil on healthy growth from Sunway Pyramid shopping mall and Sunway Carnival shopping mall, new contribution from Sunway Medical Centre as well as substantially lower interest costs.

An interim income distribution of about 100% of the realised distributable income amounting to RM58.97mil, or 2.02 sen per unit, has been proposed for the quarter. For the cumulative period, Sunway REIT’s net profit for its financial year ended June 30, 2013 (FY13), stood at RM392.3mil, down 6.7% from RM420.5mil in FY12 while earnings per unit was lower at 14.11 sen compared with 15.62 sen before.

Revenue in FY13 was higher at RM415.9mil, compared with RM406.4mil in FY12 and total income distribution stood at 8.3 sen compared with 7.5 sen previously.

SOURCE: http://www.starproperty.my/index.php/articles/property-news/sunway-reit-q4-net-profit-drops-18/

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