AL-HADHARAH BOUSTEAD REIT SUSTAIN
POSITIVE MOMENTUM
KUALA
LUMPUR, July 23, 2009 -
Al-Hadharah Boustead REIT (Al-Hadharah REIT), Malaysia's first and
only Islamic plantations REIT continues to chart a commendable performance
for its half year ended June 30, 2009.
For the period
under review, the Fund recorded a profit after tax of RM36.8 million
which is an increase from last year’s profit after tax of
RM33.6 million. However, revenue fell from RM36.3 million to RM33.6
million.
The decline
in revenue was due to lower performance-based rental which was a
result of lower crude palm oil prices (CPO) while net profit was
boosted by a gain of RM6.5 million on the compulsory acquisition
of investment property by the Government.
The Fund will
also distribute a dividend of 3.69 sen to unitholders which will
be paid on August 28, 2009.
YBhg Tan Sri
Dato' Lodin Wok Kamaruddin, Chairman of Boustead REIT Managers Sdn
Bhd said, "In current market conditions with strong volatility
affecting CPO, we are heartened by our results. Furthermore, in
the REIT segment of the capital markets in Malaysia, we offer discerning
investors a positive defense against the volatility of unit prices
in the REIT market as the Al-Hadharah REIT has remained strong since
its listing."
"This
is based on the fact that our revenue stream and profitability is
pegged to what is still considered a strong and much sought after
commodity. Additionally, the unit price of the Fund for the quarter
gained 13 sen to close to RM1.17 as at June 30, 2009 from RM1.04
recorded on March 31, 2009. As of July 22, 2009 the unit price was
at RM1.23," YBhg Tan Sri Dato' Lodin concluded.
Forward
looking statements
This release may contain certain forward-looking statements with
respect to the financial conditions, results of operations and business
of the Fund and certain plans and objectives of Boustead REIT Managers
Sdn Bhd with respect to these items. By their nature, forward-looking
statements involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future and there
are many factors that could cause actual results and developments
to differ materially from those expressed or implied by these forward-looking
statements.
-ends-
Issued
on behalf of: Boustead REIT Managers
Sdn Bhd- By: acorn
communications sdn bhd
For further information, please call:
Reshvinder Kaur at 017 275 7985 or Ng Siew Yen at 03 7958 8348
or email at: acorncommunications@acornco.com.my
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