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Tuesday, November 11, 2008

Hektar REITnet profit rises 7.6pc in Q3

HEKTAR Real Estate Investment Trust (Hektar REIT), owner of over RM700 million of assets nationwide, saw net profit rise 7.6 per cent to RM9.6 million for the third quarter ended September 2008.

It registered a 20.9 per cent year-on-year revenue growth to RM22.2 million.

"We are pleased to register sustainable growth for the third quarter of 2008 amid a rather cautious outlook for the world market," Hektar Asset Management Sdn Bhd chief financial officer Zalila Mohd Toon said in a statement yesterday.

Hektar REIT, she added, continued to record positive rental reversions and solid occupancy rates across its portfolio of shopping centres in Subang Jaya (Selangor), Malacca and Muar.

Zalila said in the quarter reviewed, total occupancy of the shopping centre portfolio improved to 96.8 per cent.

Rental reversions remained positive, with 30 new or renewed tenancies recording an average increase of six per cent over previous rental rates.

Overall, net income per unit was three sen, with Hektar Asset declaring a third quarter dividend per unit (DPU) of 2.4 sen.

Based on the closing price of RM1.05 on September 30, this represents an annualised yield of 9.1 per cent.

The dividend will be distributed on December 5 2008.

Zalila said Hektar REIT's policy is to pay dividends on a quarterly basis and aims to distribute 90 per cent of the actual net profit for the current year ending December 31 2008.

By Business Times

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