Al-Hadharah Boustead REIT 1Q net profit up 4.38% to RM20.97m

KUALA LUMPUR (May 8): Al-Hadharah Boustead REIT's profits rose 4.38% to RM20.97 million for its first quarter ended Mar 31, from RM20.09 million driven by higher fixed rental income.

Revenue for the quarter rose 9.2% to RM24.2 million from RM22.16 million in 2011.

Earnings per unit was 3.34 wen compared to 3.61 sen a year earlier.

Al-Hadharah Boustead REIT chairman Tan Sri Lodin Wok Kamaruddin in a statement Tuesday said that with increased contribution from fixed rental income due to the additional plantation assets that were acquired last year, the group was confident of holding steady its earnings for the next three quarters.

"Given the REIT's unique positioning as the only Islamic plantation REIT in the market, coupled with improving market conditions and steady demand for commodities, we believe our unit holders will benefit from their investment in the REIT both from potential dividend earnings and the stable price range of the units," he said.

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