Hektar REIT achieve net profit of RM11.3m for 4Q

KUALA LUMPUR: Hektar Real Estate Investment Trust (REIT) achieved an 11.6% net profit increase to RM11.341 million from RM9.571 million last year for its fourth quarter (4Q) financial statements ended Dec 31, 2010, it announced on Thursday Feb 17.

Revenue collected for the quarter under review went up 18.4% to RM24.036 million up from RM21.53 million a year ago.

The trust said the increase in revenue was due to "improvement in rentals and car park income in 2010".

Basic earnings per share went up to 3.54 sen from 2.99 sen last year. Net assets per share for the current quarter were RM1.32, compared to the preceding financial year end of RM1.30.

Hektar REIT — founded in 2006 — owns, develops, manages, and leases retail properties. Its portfolio consists of retail shopping centres like Subang Parade in Subang Jaya and Mahkota Parade in Melaka. The company also develops a lifestyle centre in Johor called Wetex Parade and Classic Hotel.

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