PETALING JAYA: Sunway Real Estate Investment Trust
(Sunway-REIT) reported a higher net profit of RM109.mil for the first quarter of financial year 2026 (1Q26) versus RM98.5mil in the same quarter last year.
This was on the back of a higher revenue of RM223mil as net property income (NPI) grew 5% to RM164.4mil.
The REIT said other than the retail segment, lower property operating expenses, particularly utilities costs following the implementation of the new electricity tariff rates commencing from July 2025 also boosted its earnings.
Sunway-REIT Management Sdn Bhd chief executive officer Derek Teh Wan Wei said the company delivered a stronger performance for 1Q26 on the back of its strong retail segment and steady contributions from its diversified portfolio.
“The retail segment remained the key growth driver, supported by stronger contributions from recently completed asset enhancement initiatives and newly acquired assets,” he said.
However, results were moderated by a softer performance from the hotel segment, excluding Sunway Putra Hotel and Sunway Hotel Seberang Jaya.
Revenue for the hotel segment declined 19% to RM13mil from softer travel activity following the year-end peak season and the Ramadan period.
However, Sunway Carnival Mall posted a good performance – retail sales per sq ft grew by over 16% year-on-year in 1Q26 and established its position as the preferred retail destination in mainland Penang.
Its office segment also saw a small 1% drop in revenue to RM20.3mil mainly due to lower occupancy at Wisma Sunway.
As for its industrial and others segment, Sunway-REIT posted strong growth, both its revenue and NPI increased 15% and 21% to RM4.8mil and RM3.9mil, respectively on the back of higher occupancy at Sunway REIT Industrial – PJ 1.
