Al-Hadharah Boustead REIT profit at RM16.6m

KUALA LUMPUR: Al-Hadharah Boustead Real Estate Investment Trust (REIT) recorded a net profit of RM16.57mil for the second quarter ended June 30, an increase of 1.5% from RM16.33mil in the previous corresponding period, boosted by a gain of RM6.5mil on the compulsory acquisition of investment property by the Government.

Revenue rose 1.7% to RM17.8mil for the second quarter from RM17.5mil previously.

For the six months to June 30, the group posted a slightly higher net profit of RM36.81mil against RM33.65mil before.

Total revenue, however, was lower at RM33.61mil compared with RM36.3mil in the same period last year.

In a statement, the company attributed the decline in revenue to lower performance-based rental which was a result of lower crude palm oil prices.

The unit price of the fund for the quarter gained 13 sen to close to RM1.17 as at June 30 from RM1.04 recorded on March 31.

As at July 22, the unit price was at RM1.23.

The fund will distribute a dividend of 3.69 sen to unitholders, to be paid on Aug 28.

By The Star