PETALING JAYA: Sunway Malls foresees a stronger sales performance for the second quarter of this year (2Q22) at 117% compared to the pre-pandemic level on the back of better Hari Raya 2022 sales performance, endemic phase transition, an improved labour market as well as stronger domestic and external demand.

       The mall group operator with seven physical malls and one digital mall saw its sales performance come in above expectations at 143% in April and 110% in May.

       In a statement yesterday, Sunway Malls expects its performance to sustain at 100% in June this year.

       The projected sales performance at 117% in 2Q22 is expected to surpass Sunway Malls’ 100% in 1Q22.

       Sunway Malls & Theme Parks chief executive officer H C Chan said, “Certainly, the high sales performance of Hari Raya in April provided a significant, leading and comfortable start for 2Q22.

       “In fact, April’s 143% sales performance is the highest to date and surpassed even January’s 116% during the Chinese New Year period.

       “Even if we compared Raya 2022 to the Hari Raya pre-pandemic level, it achieved 121%.

       “Definitively, this is a very strong performance however you measure it.”

       Despite geopolitical tensions and escalating oil prices, the transition into the endemic phase and international border re-opening shored up Malaysia’s consumer sentiment.

       “With the 2Q22 forecast, Sunway Malls will see three consecutive quarters of sales performance achieving 100% and more.

       “We achieved our first quarter of 100% against the pre-pandemic level in 4Q21 and repeated the feat in 1Q22.

       “With the latest 2Q22 projection, we are sighting nine months of uninterrupted 100%.

       “Sunway Malls is seeing an accelerated and sustained recovery,” explained Chan.

       The continued strong performance from its retailers is expected to sustain the malls group performance, moving forward.

       Given the strong trajectory, Sunway Malls is expected to return to a pre-pandemic level profitability in 2022 itself.

       “From our diverse mall portfolio, we forecast a return to 2019’s profitability.

       “Depending on location, some malls might even exceed the pre-pandemic level profitability,” shared Chan.