Latest news with #RM160.0
The Star
4 days ago
- Business
- The Star
Sunway REIT records lower net profit for 2Q
KUALA LUMPUR: Sunway Real Estate Investment Trust (Sunway REIT) posted a lower net profit of RM129.35 million in the second quarter ended June 30, 2025 (2Q 2025), down from RM145.07 million year-on-year. However, its revenue increased to RM211.40 million in 2Q 2025 from RM175.57 million a year earlier, underpinned by strong contributions from the retail as well as industrial and others segments. Sunway REIT Management Sdn Bhd acting chief executive officer/chief financial officer Ng Bee Lien said the strong contributions from newly acquired assets and active asset enhancement efforts have enabled the REIT to deliver robust growth. "While the hotel and office segments experienced temporary softness due to seasonal factors and external disruptions, we are seeing early signs of recovery, particularly in the hospitality segment,' she said in a statement today. Sunway REIT also declared an interim income distribution of 5.68 sen per unit, of which 5.45 sen per unit is taxable and 0.23 sen per unit is tax exempt, for the semi annual period ended June 30, 2025. In 2Q 2025, Sunway REIT's retail segment sustained its strong growth trajectory, with revenue increasing by 29 per cent to RM160.0 million from RM123.7 million in the same period last year, driven by higher contributions from retail assets acquired in 2024. This was alongside improved revenue from Sunway Pyramid Mall following the opening of its Oasis wing on Nov 1, 2024 and the earlier-than-anticipated full reopening of Sunway Carnival Mall's existing wing on May 7, 2025, Sunway REIT said in a filing with Bursa Malaysia today. "As a result, the segment's net property income (NPI) surged 32 per cent to RM114.1 million, compared to RM84.2 million in the previous corresponding quarter. "The retail segment is expected to maintain its upward momentum in the coming quarters, supported by the completion of the AEON Mall Seri Manjung asset acquisition on July 25, 2025,' it added. The industrial and others segment recorded a near 100 per cent increase in revenue to RM4.5 million in 2Q 2025, up from RM2.2 million in the same period last year, while NPI rose 57 per cent to RM3.2 million from RM2.0 million year-on-year. Sunway REIT said the improved performance was driven by rental contributions from new tenants at Sunway REIT Industrial - Petaling Jaya 1, along with the addition of Sunway REIT Industrial - Prai following its acquisition on Oct 24, 2024. - Bernama
New Straits Times
4 days ago
- Business
- New Straits Times
Sunway REIT records lower net profit for 2Q
KUALA LUMPUR: Sunway Real Estate Investment Trust (Sunway REIT) posted a lower net profit of RM129.35 million in the second quarter ended June 30, 2025 (2Q25), down from RM145.07 million year-on-year. However, its revenue increased to RM211.40 million in 2Q25 from RM175.57 million a year earlier, underpinned by strong contributions from the retail as well as industrial and others segments. Sunway REIT Management Sdn Bhd acting chief executive officer/chief financial officer Ng Bee Lien said the strong contributions from newly acquired assets and active asset enhancement efforts have enabled the REIT to deliver robust growth. "While the hotel and office segments experienced temporary softness due to seasonal factors and external disruptions, we are seeing early signs of recovery, particularly in the hospitality segment," she said in a statement today. Sunway REIT also declared an interim income distribution of 5.68 sen per unit, of which 5.45 sen per unit is taxable and 0.23 sen per unit is tax exempt, for the semi annual period ended June 30, 2025. In 2Q25, Sunway REIT's retail segment sustained its strong growth trajectory, with revenue increasing by 29 per cent to RM160.0 million from RM123.7 million in the same period last year, driven by higher contributions from retail assets acquired in 2024. This was alongside improved revenue from Sunway Pyramid Mall following the opening of its Oasis wing on Nov 1, 2024 and the earlier-than-anticipated full reopening of Sunway Carnival Mall's existing wing on May 7, 2025, Sunway REIT said in a filing with Bursa Malaysia today. "As a result, the segment's net property income (NPI) surged 32 per cent to RM114.1 million, compared to RM84.2 million in the previous corresponding quarter. "The retail segment is expected to maintain its upward momentum in the coming quarters, supported by the completion of the AEON Mall Seri Manjung asset acquisition on July 25, 2025," it added. The industrial and others segment recorded a near 100 per cent increase in revenue to RM4.5 million in 2Q25, up from RM2.2 million in the same period last year, while NPI rose 57 per cent to RM3.2 million from RM2.0 million year-on-year. Sunway REIT said the improved performance was driven by rental contributions from new tenants at Sunway REIT Industrial – Petaling Jaya 1, along with the addition of Sunway REIT Industrial – Prai following its acquisition on Oct 24, 2024.
