Al-Hadharah – thestar

Al-Hadharah Boustead REIT Q4 profit at RM32mil

Al-Hadharah Boustead REIT saw its fourth-quarter net profit increased 9.3% to RM32.3mil from a year ago due to recognition of fair value gains on investment properties of RM14.3mil.

The the real estate investment trust (Reit) told Bursa Malaysia yesterday that its revenue grew 4% to RM19.85mil for the quarter ended December 31.

Chairman Tan Sri Lodin Wok Kamaruddin said in a statement that the trust’s financial performance would improve further, moving forward, with the injection of two new estates.

“These estates are being acquired for RM189.2mil, which will be settled through cash payments and funded from proceeds of the proposed placement of 75 million new units and a syariah-compliant financing facility,” he said.

For its fiscal year ended December 31, the trust posted a net profit of RM82.08mil against last year’s RM83.17mil while revenue was up 6% to RM75.02mil from a year ago.

It also declared a final dividend of 6.2 sen, bringing the total dividend for the year to 10 sen.

In a separate filing with Bursa, Sunway REIT said it posted a net profit of RM45.2mil on a revenue of RM85.3mil for its second quarter ended December 31. Its realised distributable income is 1.75 sen per unit for the three-month period.

It said it was confident of achieving the profit forecast and income distribution for the fiscal year ending June 30, 2011 as disclosed in its prospectus.

This is despite expectation of a slight softening in the economy, with private sector consumption remaining robust this year.