Sunway Real Estate Investment Trust posted a net profit of RM116.17 million for the third quarter ended 30 September 2026, down from RM121.85 million a year earlier, on revenue that eased 1.4 per cent to RM232.31 million, the trust said in a filing with Bursa Malaysia on 10 November, as New Straits Times reported.
Realised profit attributable to unitholders dropped 19.1 per cent to RM116.1 million from RM143.6 million, figures carried by The Sun show. The gap is the one-off gain of RM25.6 million booked on the September 2025 disposal of the Sunway University and college campus.
The retail segment carried the quarter. Revenue rose 6 per cent to RM176.6 million from RM167.2 million and net property income climbed 5 per cent to RM128.3 million, helped by the full reopening of the existing wing of Sunway Carnival Mall in May 2025, stronger contributions from flagship Sunway Pyramid Mall and higher rental income at Sunway Putra Mall.
The hotel segment was the drag. Revenue fell 14 per cent to RM30.2 million and net property income dropped 14 per cent to RM29 million as average occupancy slipped to 74 per cent from 76 per cent, which the manager tied to travel cancellations from conflicts in the Middle East and haze in the Klang Valley. Offices lifted revenue 3 per cent to RM20.7 million and the industrial segment 10 per cent to RM4.8 million.
For the nine months to 30 September, net profit fell to RM331.80 million from RM344.04 million. Revenue grew 1.3 per cent to RM675.67 million as a RM43.1 million lift in retail revenue more than covered the loss of RM29.3 million from the campus.
No distribution was declared for the quarter. The cumulative payout for the nine months stands at 6.28 sen per unit, up 10.6 per cent from 5.68 sen. Gearing reached 43 per cent with gross borrowings of RM4.75 billion, an average cost of debt of 3.62 per cent and an average maturity of 1.4 years. RAM Ratings upgraded the trust’s corporate credit rating to AA1 from AA2 on 9 September.
Two developments are in progress at a combined estimated cost of RM622 million. The Sunway Pier redevelopment, budgeted at RM462 million with 390,676 sq ft of net lettable area, is due for completion in the second half of 2028. The RM160 million Sunway Hotel Seberang Jaya, with 192 rooms above Sunway Carnival Mall, is targeted for the second half of 2027.
Chief executive officer Derek Teh Wan Wei said the retail segment should hold its momentum on steady consumer spending, healthy occupancy and positive rental reversions, while the office and industrial assets gain from leasing momentum and improving occupancy. The hotel segment will lean on marketing and pricing, plus demand for banqueting and meetings, incentives, conferences and exhibitions.
Sunway REIT owns 28 properties, made up of 14 retail assets, six hotels, five offices and three industrial properties, with a combined property value of RM10.3 billion.
