Al-Hadharah – thestar

Al-Hadharah REIT earnings rise

Al-Hadharah Boustead REIT achieved a 50% increase in net profit for the second quarter ended June 30 attributable to a hike in fixed rental income and the doubling of performance-based profit sharing.

Net profit for the quarter came in at RM24mil compared with RM16mil in the same period a year ago.

The Islamic plantation real estate investment trust (REIT) recorded a net profit of RM44mil in the six-month period ended June 30 on the back of a revenue of RM50mil.

In the corresponding period last year, it posted RM33mil net profit on the back of RM37mil revenue.

The fund will make an income distribution of 4 sen to unitholders next month. Al-Hadharah REIT’s net asset value as at June 30 stood at RM1.43 per unit.