Hektar REIT net property income jumps 34% to RM13.7mil in 2Q
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KUALA LUMPUR: Hektar Real Estate Investment Trust’s (Hektar REIT) net property income rose 34.3% to RM13.7mil in the second quarter ended June 30 (2Q) compared with RM10.2mil registered a year prior.
Its realised net income was 317.3% higher RM6.57mil compared to RM1.57mil posted in the same period in the preceding year.
Hektar REIT recorded revenue of RM29.37mil, up 14.2% compared to the RM25.71mil recorded a year earlier mainly due to increased rental and car park income and higher hotel occupancy.
Earnings per unit rose significantly by 311.8% to 1.40 sen in 2Q from 0.34 sen in the previous year.
Hektar REIT has declared an interim income distribution of 2.70 sen per unit, amounting to RM12.72mil, to be made on Sept 26.,
In the first half, it posted a net property income of RM30.33mil, up 24.8% compared with RM24.3mil in 1H 21, while the realised net income grew by 151% to RM20.32mil against RM8.1mil recorded in 1H21.
Its revenue in 1H22 rose 11.4% to RM58.49mil compared with RM52.49mil registered last year.
Hektar Asset Management Sdn Bhd chief executive officer Johari Shukri Jamil said it would continue to adopt prudent financial management, cost optimisation initiatives, and enhance its asset efficiencies to help cushion the impact of increasing interest rates and the rising cost of inflation.
“Furthermore, we continue to increase our engagement with all stakeholders, including tenants, to offer them competitive rental rates to facilitate their recovery.
“At the same time, for our shoppers and loyal patrons, we are continuously working on enhancing our existing facilities at our shopping malls to provide a great retail experience.
“For our valued unitholders, we remain committed to distributing at least 90% of Hektar REIT’s realised net income for the financial year ending Dec 31, 2022,” he said.