KUALA LUMPUR: Sunway REIT started its financial year ending June 30 2018 with an encouraging set of numbers in the first quarter (Q1).
Its net profit for the quarter grew 23.5 per cent year-on-year due to higher net property income.
Its net profit stood at RM79.23 million (US$18.72 million) against RM64.14 million, the company said in a filing to Bursa Malaysia yesterday.
Group revenue grew nearly 10 per cent, mainly contributed by higher revenue across all segments, it added.
Sunway REIT's flagship portfolio includes Sunway Pyramid Shopping Mall in Subang Jaya in Selangor.
Its quarterly revenue gained 9.5 per cent to RM141.17 million from RM128.88 million a year earlier, while net property income grew 15.5 per cent to RM110.99 million against RM96.07 million a year ago.
The company proposed an interim income distribution of RM78.63 million or RM0.0267 per unit for the quarter, payable on November 29.
Sunway REIT expects distribution per unit or DPU to grow moderately in fiscal year 2018 supported by moderate growth in the retail segment, resumption in income contribution from Sunway Pyramid Hotel and gradual improvement in the overall occupancy of the office segment.