Al-Hadharah Boustead REIT Delivers Steady Profits
KUALA LUMPUR, May 23, 2013 – Malaysia’s first Islamic plantation-based real estate investment trust (REIT), Al-Hadharah Boustead REIT (Al-Hadharah REIT) recorded a profit before tax (PBT) of RM13.9 million for its first quarter ended 31 March 2013. This was achieved on the back of a slightly improved revenue of RM17.3 million compared with RM16.9 million for its preceding quarter.
YBhg Tan Sri Dato’ Seri Lodin Wok Kamaruddin, Chairman of Al-Hadharah Boustead REIT said, “The year began on a challenging note for us. Our results for the quarter were attributed to lower fixed income of RM16.8 million following the renewal of the Ijarah agreements effective January this year. Additionally, the absence of unrealised fair value gain from revaluation of investment properties of RM15 million recognised in the preceding quarter also contributed to a lower PAT.”
“Given volatile CPO conditions caused by external factors, we are watching these conditions to evaluate its impact on our bottom-line. Nonetheless, we are committed towards creating improved value for our unit holders and we are optimistic that the Fund will continue to deliver steady profits.”
The REIT’s unit price for the period under review closed at RM1.85 per unit on 31 March 2013, with the highest price recorded at RM1.95 in the month of January. Net asset value at the end of the period was recorded at RM1.79 per unit.
As at 31 March 2013, the Fund’s market capitalisation stood at RM1.2 billion.
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 Al-Hadharah Boustead REIT 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.
on behalf of: Boustead Plantations Berhad
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