MALAYSIA: Al-Hadharah Boustead REIT’s net profit for the second quarter ended the 30th June 2011 grew 50% to RM24 million (US$7.94 million) from the previous corresponding period.
The growth was attributed to an increase in fixed rental income and the doubling of performance-based profit sharing.
Lodin Wok Kamaruddin, its chairman, said that the financial performance for the quarter was spurred by high crude palm oil prices and the injection of new assets such as Sutera Estate and Taiping Rubber Plantation (including Trong Oil Mill).
Revenue for the quarter rose to RM27.7 million (US$9.16 million) from RM18.06 million (US$5.98 million) in the same period last year. It also reported 3.81 Malaysia sen (1.26 US cents) in earnings per unit and RM1.43 (47 US cents) in net assets per share.
For the six-month period ended the 30th June, the Islamic REIT posted a profit of RM44 million (US$14.6 million) against RM33 million (US$11 million) in 2010, on the back of RM50 million (US$16.5 million) in revenue.
The fund will also make an income distribution of 4 Malaysia sen (1.32 US cents) per unit to its unitholders next month.