BUSINESS

SUNWAY REIT 3Q NET PROFIT HIGHER AT RM91.97 MLN

16/11/2023 06:31 PM

KUALA LUMPUR, Nov 16 (Bernama) -- Sunway Real Estate Investment Trust (Sunway REIT) recorded a marginal improvement in its net profit for the third quarter ended Sept 30, 2023 (3Q 2023) to RM91.97 million against RM91.91 million in the same quarter last year. 

In a filing with Bursa Malaysia, it said its revenue was six per cent higher year-on-year (y-o-y) to RM175.84 million versus RM166.24 million a year ago.

Sunway REIT Management Sdn Bhd, the manager of Sunway REIT, said in a separate statement that net property income (NPI) expanded seven per cent to RM136.8 million for the period under review versus RM128.2 million in Q3 2022.

All segments registered higher revenue and NPI except for the services segment due to the disposal of Sunway Medical Centre (Tower A & B) which was completed in August 2023. 

Its hotel segment revenue jumped 51 per cent to RM27.9 million versus RM18.4 million in 3Q 2022. 

In tandem with the surge in revenue, NPI climbed 53 per cent to RM26.9 million from RM17.5 million in 3Q 2022, due to strong domestic travel around the festive seasons and school holidays, a steady recovery in international travellers, and a rise in meetings, incentives, conferences, and exhibitions (MICE) activities. 

This was further boosted by a full inventory of 460 rooms at the newly refurbished Sunway Resort Hotel since July 2023, following its phased reopening in May 2022, the statement said.

For the cumulative nine-month period ended Sept 30, 2023, net profit was lower at RM260.62 million from RM272.74 million in the preceding year's corresponding period. 

Revenue was, however, higher at RM525.17 million against RM464.71 million previously. 

"While the hotel segment performance has yet to fully return to the pre-pandemic levels, the manager is optimistic that it will continue its strong growth trajectory in the final quarter of 2023,” the statement said.

-- BERNAMA

 

 


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