Al-'Aqar REIT 3Q net profit down 2% to RM9.94m

KUALA LUMPUR: Al-'Aqar KPJ Real Estate Investment Trust (REIT) recorded a drop in net profit of 2% to RM9.94 million from RM10.16 million a year ago in its third quarter (3Q) financial results ended Sept 30, 2010, the trust announced on Tuesday, Nov 30.

Revenue rose 21% to RM19.15 million from RM15.82 million a year ago.

The trust attributed the increase in revenue to higher rental income contributed by eight new properties acquired in 2H2009. To date, total rental income received from these properties is approximately RM16.4 million, as compared to RM4.9 million in the same period last year, it added.

Basic earnings per share dropped to 1.71 sen from 1.96 sen a year ago. Net assets per share rose to RM1.05 from RM1.04 at the preceding financial year end.

Al-'Aqar REIT is a Malaysia-based Islamic REIT, and invests in syariah-compliant properties.