Sunway – thestar
Sunway REIT Q2 net income up 13.4%
PETALING JAYA: Sunway Real Estate Investment Trust (REIT) recorded a 13.4% increase in net realised income of RM50.7mil in its second quarter ended Dec 31, 2011, compared to RM44.7mil a year ago.
In a press release to Bursa Malaysia, the REIT said that the increase was due to better performing initial portfolio where eight assets had an increase of RM3.5mil while Sunway Putra Place made a turnaround from loss to contribute RM2.6mil to the portfolio.
Sunway REIT’s net property income jumped 25.3% to RM78.7mil bolstered by strong performance from initial portfolio and full income recognition from Sunway Putra Place following the full control and possession of the assets last September.
It said in a separate announcement on Bursa Malaysia that “despite global headwinds and softening of underlying economic fundamentals, the manager is confident of the prospects of Sunway REIT’s portfolio of assets of which seven out of 11 assets are strategically located in vibrant townships with inherent captive markets.”
Going forward, the REIT expects strong performance from the initial portfolio of eight properties while operation of Sunway Putra Place continue exhibiting encouraging improvement.
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