Hektar REIT posts 3Q net profit of RM9.73m

KUALA LUMPUR: Hektar Real Estate Investment Trust (Hektar REIT) posted net profit of RM9.73 million for its third quarter (3Q) ended Sept 30, 2010, marginally higher than its RM9.59 million profit posted a year ago.

The increase was attributed to the application of accounting standard FRS 117, which came into in effect January 1, 2010, said the trust on Wednesday, Nov 3.

For the cumulative quarter ended , Hektar REIT generated total revenue of RM68.01 million, comprising rental income of RM67.896 million, interest income of RM100,504 and other income of RM10,996.

The cumulative realised net income of RM28.90 million in September 2010 is approximately 4.8% higher than 2009.

With the completion of Mahkota Parade’s refurbishment in 2Q 2010, Hektar will maintain the retail centre’s leadership position in Malacca.

Hektar REIT remains cautiously optimistic for the Malaysian retail sector in 2010, it said.

It will continue to optimise the property portfolio through selective asset enhancement in the existing malls, including a proposed cinema for Subang Parade in Selangor and a new retail zone for Wetex Parade in Muar, Johor.