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Al-Hadharah registers RM20m revaluation gain

KUALA LUMPUR (Dec 14): Al-Hadharah Bousted REIT registered a surplus of RM19.96 million from the latest revaluation of the group's 15 oil palm plantation assets across the country.

In a statement to the bourse on Friday, Al-Hadharah said the surplus is a 1.6% increase againts the unaudited net book value of RM1.28 billion for the assets as at September 30 this year.

"Based on the unaudited financial statements of the fund as at September 30 2012, the net asset value per unit of the fund of RM1.783 will increase to RM1.8149 per unit upon incorporation of the revaluation surplus," the company said.

Of the 15 plantation assets in Al-Hadharah’s investment portfolio, three registered revaluation deficits. They are the Lepan Kabu Estate in Kelantan, Malakoff Estate in Penang and Trong Oil Mill in Perak, according to the property trust.

Collectively, the three assets lost RM5.5 million against their latest reported book values, the company said. Al-Hadharah said it revalues its plantation tracts every three years.

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