Nov 11, 2010
Sunway REIT established solid foundation
Sunway Real Estate Investment Trust (Sunway REIT) delivered a solid financial performance with an income for distribution to all Unit holders of RM40.6 million or 1.51 sen per unit, surpassing forecast by 3% for the financial period ended 30 September 2010. Sunway REIT achieved gross revenue of RM72.4m and net property income of RM55.2m from its portfolio of 8 assets.
CEO of Sunway REIT Management Sdn Bhd Datuk Jeffrey Ng said that he is very pleased that Sunway REIT’s inaugural distribution per unit (DPU) has surpassed forecast by 3% and this will set a strong footing to capture any opportunities in the future. The Board is confident of achieving the profit forecast and income distribution for the financial period ending 30 June 2011.
Datuk Ng further added, “Our strong balance sheet allows us to explore various options to add value to our Unitholders. Our commitment to deliver quarterly payout to all our Unitholders shows the strong cashflow of its diversified portfolio.” Sunway REIT is paying out 100% of its income.
Sunway REIT’s gearing ratio (as at 30 September 2010) is 28% and has options to gear up using its large and healthy balance sheet to acquire any potential assets that will add value to its current portfolio.
Sunway REIT is currently the largest REIT in Malaysia which was listed on Bursa Malaysia on 8 July 2010 and is currently one of the top 100 listed entities in Malaysia with an estimated market capitalization of RM2.6b and total asset size of RM3.8b.
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