Hektar REIT sees 10% increase in net income for 1Q2010

KUALA LUMPUR: Hektar Real Estate Investment Trust (Hektar REIT) saw a 10% rise in its net income for 1Q2010 ending March 31, 2010, at RM10.04 million compared with RM9.13 million in the same period last year.

In its statement to Bursa Malaysia on May 5, the REIT’s total revenue of RM23.02 million was higher than 1Q2009 by 6%, primarily owing to higher recognition of turnover rent in 2010, as well as the revised Financial Reporting Standard 117, which commenced on Jan 1, 2010.

Hektar REIT continues its outlook of cautious optimism for the Malaysian retail sector in 2010. “We will continue to optimise the property portfolio, improving capital values by refurbishing Hektar REITs existing malls, including the completion of Mahkota Parade’s refurbishment by the 2Q2010. Hektar REIT will also continue to explore and negotiate potential acquisition opportunities in the year ahead,” it said.

Aside from Mahkota Parade in Melaka, the REIT also owns Subang Parade in Subang Jaya, Selangor, as well as Wetex Parade in Muar, Johor.