Hektar posts net profit of RM8.5m
Posted on | August 8, 2007
By THE EDGE
KUALA LUMPUR: Hektar Real Investment Trust (Hektar) posted a net profit of RM8.48 million for the second quarter ended June 30, 2007, supported by high occupancy rates at its two shopping malls.
Hektar Asset Management Sdn Bhd said yesterday gross revenue for 2Q was RM18.6 million while net property income was RM11.38 million.
Earnings per unit was 2.65 sen or 19.3% higher than the earnings forecast when the REIT was launched in December last year.
It declared a 2Q distribution per unit (DPU) of 2.4 sen, in line with Hektar REIT’s quarterly dividend policy.
For the financial year ending Dec 31, 2007, Hektar expects a satisfactory performance driven by yield-accretive acquisition, active leasing and asset enhancement.
Hektar REIT’s shopping mall portfolio continues to perform with near-full term occupancy of 96.9%, of which Subang Parade is 99.6% occupied and Mahkota Parade is 94.1% occupied.
The top 10 tenants within the Hektar REIT portfolio contributed about 28% of the REIT’s total monthly rental income for June 2007.
Anchor tenant, Parkson, occupies 26.9% of Hektar REIT’s total net lettable area, while contributing 12.2% of total monthly rental income. Parkson has options on its tenancy for up to nine years.
Hektar said a major initiative during the second quarter was a strategic partnership with Frasers Centrepoint Ltd, in which its subsidiary, Frasers Centrepoint Trust (FCT) invested and currently owns 27% of Hektar REIT.
“FCT will play a key role in the growth of the REIT and Hektar Group,” it said.
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