Al-Hadharah Boustead REIT’s Q3 PAT Jumps 33%

KUALA LUMPUR, November 16, 2011 – Al-Hadharah Boustead REIT, Malaysia’s first Islamic plantation-based real estate investment trust delivered another strong performance for its third quarter ended 30 September 2011, registering a profit after tax (PAT) of RM22.9 million compared with RM17.2 million for the corresponding period in the previous fiscal year. This marked a 33% increase on a year-on-year basis for the quarters under review.

For the nine months period, Al-Hadharah Boustead REIT recorded a total revenue of RM77.2 million. This includes the accrual of RM28.1 million of unrealised performance-based profit sharing for the year under review which doubled from RM11.6 million in 2010. Profit after tax for the nine months of the current financial year was RM67 million, a 34% increase compared with the corresponding period in the previous financial year of RM50 million.

The contributing factors to the results were due to the injection of new plantation assets namely TRP Estate, Sutera Estate and Trong Mill. The REIT closed at RM1.43 per unit at the end of the period under review while net asset value as at 30 September 2011 was RM1.43.

YBhg. Tan Sri Dato’ Lodin Wok Kamaruddin, Chairman of Al-Hadharah Boustead REIT said, “We are pleased with the results for the year to date. Clearly there is a greater usage of palm oil particularly among established markets in Asia. The REIT is expected to benefit from this strong demand given that crude palm oil prices should remain within a favourable pricing range.

“With our strong dividend payout track record and the healthy movement of our unit price, we are confident investors will benefit from their investments in the REIT despite current capital market conditions,” concluded Tan Sri Lodin.

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.

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Issued on behalf of: Al-Hadharah Boustead Reit By: acorn communications sdn bhd
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