KUALA LUMPUR, Jan 27 — Sunway Real Estate Investment Trust’s (REIT) pre-tax profit increased to RM71.52 million for the second quarter ended Dec 31, 2016 from RM63.27 million in the same period last year.
Revenue for the period under review improved 15.7 per cent year-on-year (y-o-y) to RM131.87 million from RM114 million previously.
In a filing to Bursa Malaysia, the company attributed the better performance to higher revenue contribution from its retail and hotel segment.
It was however offset by lower income contribution from the office segment.
“The main growth catalyst was the resumption of income contribution from Sunway Putra Mall during the quarter while Sunway Pyramid Shopping Mall continued to register healthy growth supported by high average occupancy rate and locked in rental.
“The manager maintains a modest growth expectation for the retail segment for Financial Year 2016, supported by high occupancy of the malls with locked in rentals and new income contribution from Sunway Putra Mall,” Sunway REIT said.