KUALA LUMPUR: Sunway Real Estate Investment Trust (REIT) posted a higher gross revenue of RM110.7 million and net property income (NPI) of RM83.2 million for the third quarter ended March 31 2015, up 2.4 per cent and 3.2 per cent, respectively, from a year ago.
Sunway REIT said the retail segment continued to drive growth for the trust’s asset portfolio despite an increasingly challenging operating environment. “The performance was, however, affected by lower contributions from the hotel and office segment,” it said in a statement yesterday. It proposed a distribution per unit (DPU) of 2.13 sen for the quarter, bringing the cumulative DPU to 6.68 sen. Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng said the trust had remained resilient despite an increasingly challenging operating environment. “Our tenancy mix in the malls comprise more non-discretionary offerings where demand is less elastic, which should help mitigate the impact of weaker consumer sentiment.” he said in the statement. For the nine months, Sunway REIT posted a 5.9 per cent increase in NPI to RM256.4 million and a 6.3 per cent increase in gross revenue of RM338.5 million from RM318.6 million a year ago.
