Hektar – thestar

Hektar REIT posts lower net income

Hektar Real Estate Investment Trust (REIT) registered a net income of RM9.58mil for the fourth quarter ended Dec 31, 2009, down 70.7% from RM32.6mil in the previous corresponding period.

Its revenue decreased 3.3% to RM21.5mil from RM22.3mil a year ago.

In a filing with Bursa Malaysia, Hektar REIT said its net income for the year ended Dec 31 (FY09) fell 38.5% to RM37.1mil, on account of a smaller fair value gain during the year, against RM60.4mil in FY08.

Its revenue for FY09 rose 4.3% to RM87.7mil, primarily due to the full year performance of its Wetex Parade in Muar.

It declared dividend per share of 3.1 sen for the fourth quarter.

REIT manager Hektar Asset Management Sdn Bhd chief executive officer Datuk Jaafar Abdul Hamid said after an unpromising start and over the course of a volatile year, Hektar REIT had managed to maintain the level of the financial performance of its shopping complexes.

“Our solid and stable assets have continued to perform, proving that Hektar REIT has a resilient property portfolio, a focused business model and quality execution by management,” he said.

Hektar REIT has shopping centres in Selangor, Malacca and Johor with assets valued in excess of RM700mil and an average occupancy of 95.8%.