KUALA LUMPUR, August 9, 2011 – Malaysia’s only Islamic plantations REIT, the Al-Hadharah Boustead REIT (Al-Hadharah REIT) delivered a positive performance for its second quarter ended 30 June 2011, recording a profit after tax of RM24 million for the quarter under review, an increase of 50% compared with RM16 million reported in the preceding financial year’s corresponding quarter.
For the quarter under review, the key contributing factors for the increase in profit after tax were an increase in fixed rental income and the doubling of performance-based profit sharing.
For the six-month period ended 30 June 2011, Al-Hadharah REIT recorded a profit after tax of RM44 million compared with RM33 million achieved in the corresponding period last year. This was achieved on the back of a higher revenue of RM50 million compared with RM37 million in the same period last year.
The Fund will make an income distribution of 4 sen to unitholders (30 June 2010: 3.8 sen) which will be paid in September, 2011. Al-Hadharah REIT’s unit price closed at RM1.45 per unit on 30 June 2011 while net asset value at the end of the period stood at RM1.43 per unit.
YBhg. Tan Sri Dato’ Lodin Wok Kamaruddin, Chairman of Al-Hadharah Boustead REIT said, “The quarter under review has been a strong one given the backdrop of our results. This was driven by strong crude palm oil (CPO) prices coupled with the injection of new assets, particularly the Sutera and Taiping Rubber Plantations (including Trong Oil Mill) for an aggregate purchase consideration of RM190 million”.
“Given the current volatility in the capital markets, we are indeed an ideal investment prospect for discerning investors based on our strong income distribution track record. Additionally, we expect crude palm oil prices to remain at a healthy level despite current inventories. These factors will all go well in terms of our future dividend payments for the rest of the financial year”, he 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 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.
Issued on behalf of: Al-Hadharah Boustead Reit By: acorn communications sdn bhd
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