by TMR

Sunway Real Estate Investment Trust (REIT)’s revenue marginally grew 5% year-on-year (YoY) to RM141.5 million in its third-quarter ended March 31, 2018, helped by higher earnings mainly from its hotel segment.

In a filing to Bursa Malaysia yesterday, the REIT noted the hotel segment’s gross revenue grew 18.1% YoY to RM18 million in 3Q due to the completion of refurbishment in Sunway Pyramid Hotel.

Its office segment recorded a gross revenue of RM8.5 million, a 3.9% YoY increase which was largely contributed by Sunway Putra Tower but partially offset by Wisma Sunway.

Sunway REIT’s retail segment also posted a marginal growth of 2.2% YoY for its gross revenue to RM107.9 million in the period mainly driven by higher average gross rent at Sunway Pyramid Shopping Mall and lower rental rebates given by Sunway Putra Mall.

This was partially offset by SunCity Ipoh Hypermarket which registered a decline in revenue by RM0.2 million due to lower rental reversion upon renewal of the tenancy in 4Q17.

It also recorded almost unchanged in profit for 3Q18 and declared a dividend of 2.37 sen per share.