HEKTAR REIT, a retail mall property trust with more than RM700 million worth of properties including the Subang Parade shopping complex in Selangor, saw its net profit and revenue grow double-digit in the second quarter of this year.
This was helped by high occupancy rates and positive rental reversions, Hektar Asset Management Sdn Bhd chief executive officer Datuk Jaafar Abdul Hamid said.
"Hektar REIT's net profit grew 10.9 per cent year-on-year to RM9.4 million in the second quarter ended June 30 this year," Jaafar said in an email.
Revenue edged up 15.6 per cent to RM20.9 million, against RM18.06 million in the same period last year.
"Our second quarter results performed according to our expectations. Our shopping centres continue to record high occupancies and rental reversions remain positive.
"Over one million Malaysians live within 15 minutes' drive time of our shopping centres," Jaafar said.
Total occupancy of the shopping centres, he said, improved 97.4 per cent with Subang Parade reaching full occupancy.
Rental reversions remained positive, with 17 new or renewed tenancies recording an average increase of 11 per cent over previous rental rates.
A second quarter dividend of 2.4 sen per unit was declared.
Based on the closing price of RM1.25 on August 12, this represents an annualised yield of 7.7 per cent.
Hektar REIT, listed on Bursa Malaysia's main board in December 2006, aims to distribute 90 per cent of the actual net income for 2008.
By New Straits Times (by Zuraimi Abdullah)
Saturday, August 23, 2008
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