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.
Issued on behalf of: Boustead REIT Managers Sdn Bhd—– By: acorn communications sdn bhd
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