PROFITS UP FOR AL-HADHARAH BOUSTEAD REIT
LUMPUR, May 21, 2009 - Al-Hadharah Boustead REIT (Al-Hadharah
REIT), the only Islamic plantation REIT in the nation is on track
with a positive performance in the first quarter ending 31 March
REIT recorded a profit after tax of RM20 million representing an
increase of 17% compared with last year's result of RM17.3 million.
This was mainly due to a gain of RM6.5 million on the compulsory
acquisition of investment properties by the Government.
performance was achieved on the back of a revenue of RM15.8 million
against last year's RM13.3 million. The key contributing factors
in the increase in revenue was the additional rental income of RM2.9
million contributed by the Bebar and Malakoff estates. However,
performance based profit sharing dipped slightly to RM2.5 million
compared with last year's RM2.9 million.
YBhg. Tan Sri
Dato' Lodin Wok Kamaruddin, Chairman of Boustead REIT Managers Sdn
Bhd said, "Though there was a contraction in crude palm oil
(CPO) prices which affected our performance based structure, our
fixed rental income for the period under review grew. In addition,
this gain from the compulsory acquisition of the investment properties
by the Government went directly to our bottom-line. This significant
gain of RM6.5 million was a primary contributing factor in pushing
our profits up."
"Moving forward, though global demand for edible oils has been
affected by the credit squeeze and economic crisis, we are confident
demand for palm oil will see an upward trend due to its strong popularity.
On this score, we are optimistic that palm oil prices will continue
to trade at the current steady price range for the year," YBhg.
Tan Sri Dato' Lodin concluded.
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
on behalf of: Boustead REIT Managers Sdn Bhd----
By: acorn communications sdn bhd
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