TOP PAGE
ENGLISH
JAPANESE
|
CONNECT WITH US:
Home
About
Services
Contact
Log in
*
Home
Press release
May 25, 2021 10:00 JST
Source:
Hektar REIT
Hektar REIT Posts Rm26.78 Million Revenue in 1Q
- Outlook for retail remains challenging
- Second MCO weighed on mall visits and consumer spending
- Management remains vigilant in monitoring recovery
KUALA LUMPUR, May 25, 2021 - (ACN Newswire) - Hektar Asset Management Sdn. Bhd., the Manager for Hektar Real Estate Investment Trust ("Hektar REIT"), today announced the first quarter results ended 31 March 2021 ("1Q 2021").
Hektar REIT recorded revenue of RM26.78 million, which is 12.8% lower than the RM30.71 million recorded in the same quarter of the preceding year. The reported revenue fell mainly due to the rental income, carpark income and lower hotel occupancy, consistent with other retail and hospitality REITs that were affected because of the pandemic outbreak and implementation of mobility restrictions. Net property income of RM14.09 million for the quarter decreased by 10.3% compared to the RM15.71 million recorded in 1Q 2020. Realised income for the quarter was RM6.52 million, which is 7.9% lower than the RM7.08 million recorded in 1Q 2020. Earnings Per Unit ("EPU") of 1.41 sen was recorded for the first quarter.
Dato' Hisham bin Othman, Chief Executive Officer of Hektar Asset Management Sdn. Bhd, commented: "The retail front continues to be really challenging due to the rise in COVID-19 infections. Despite most businesses being allowed to operate under the second movement control order ("MCO") from mid-January to early March, a combination of movement restrictions and fear of infection has affected visitor footfall in malls."
"Retail sales growth has also been affected due to the second MCO, with Retail Group Malaysia estimating sales growth of 4.1% for 2021 compared to the earlier estimate of 4.9%. With the rise in COVID-19 cases, the Government published the first list of premises flagged as potential COVID-19 hotspots that were identified through the Hotspots Identification for Dynamic Engagement ("HIDE") system. Many prominent shopping malls in the Klang Valley, which included Subang Parade, were listed under HIDE and were required to temporarily close for 3 days to undergo sanitisation upon the directive from the Government from 9 May to 11 May 2021. The recent imposition of the third MCO is expected to further affect the retail sales growth with restrictions on no dine-in for F&B outlets and closure of beauty services and entertainment outlets."
"However, we expect economic recovery to accelerate as consumer sentiment improves over the second half of 2021 as more people get vaccinated. We will continue following the stringent SOPs by the Government and engage with our tenants across the portfolio to help promote their business while ensuring the health and safety of all visitors, tenants and employees remain our top priority".
About Hektar Real Estate Investment Trust
Hektar Real Estate Investment Trust ("Hektar REIT") is Malaysia's first listed retail-focused REIT. The primary objectives of Hektar REIT are to provide unitholders with sustainable dividend income and to achieve long-term capital appreciation of the REIT. Hektar REIT was listed on the Main Market of Bursa Malaysia Securities Berhad on 4 December 2006 and currently owns 2 million square feet of retail space in 4 states with assets valued at RM1.2 billion as at 31 December 2020. The REIT's strategic partner is Frasers Centrepoint Trust, part of Frasers Property Ltd, headquartered in Singapore. Hektar REIT is managed by Hektar Asset Management Sdn Bhd and the property manager is Hektar Property Services Sdn Bhd. Hektar REIT's portfolio of commercial properties includes Subang Parade in Subang Jaya, Selangor; Mahkota Parade in Melaka; Wetex Parade & Classic Hotel in Muar, Johor; Central Square in Sungai Petani, Kedah; Kulim Central in Kulim, Kedah and Segamat Central in Segamat, Johor. For more information, please visit www.HektarREIT.com
Contact:
Muhammad Hakim
Swan Consultancy
M: +60 12 318- 5410
E:
h.juraimi@swanconsultancy.biz
Source: Hektar REIT
Sectors: Real Estate & REIT
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Related Press Release
HEKTAR REIT Receives Two Inaugural Honors at Malaysia Top Achievers 2023 Award
February 29 2024 17:00 JST
Hektar REIT and University of Reading Malaysia Forge Transformative Partnership for Educational Excellence and Community Development
November 30 2023 17:00 JST
Hektar REIT Achieves High Occupancy & Positive Reversions
November 23 2023 09:30 JST
Hektar REIT Achieves Historic Success: ESG Performance Rewarded with Dual Gold Accolades at The Edge Malaysia ESG Awards 2023
November 07 2023 14:00 JST
Hektar REIT's Sustainability & CSR Commitment Honored with an Accolade
July 27 2023 15:34 JST
Hektar REIT's Portfolio Maintains a Trend of Improvement
May 25 2023 22:00 JST
Hektar REIT Realised Net Income higher by 187% for FY2022
February 23 2023 19:00 JST
Subang Parade Celebrates CNY with Persatuan Rumah K.I.D.S and Rumah Charis
February 04 2023 18:00 JST
Hektar REIT's ESG Commitment Rewarded with Two Awards
November 29 2022 18:00 JST
Subang Parade Celebrates Football Fever
November 24 2022 13:30 JST
More Press release >>
Latest Press Release
Fujitsu chosen for GENIAC project, starts development of large language models for logical reasoning
May 17, 2024 14:03 JST
NEC Leverages RISE with SAP and AI to Build Business AI in Move to the Cloud
May 17, 2024 11:19 JST
Honda and IBM sign Memorandum of Understanding to Explore Long-term Joint Research and Development of Semiconductor Chip and Software Technologies for Future Software-Defined Vehicles
May 15, 2024 14:30 JST
Eisai Initiates Rolling Biologics License Application to US FDA for LEQEMBI (lecanemab-irmb) for Subcutaneous Maintenance Dosing for the Treatment of Early Alzheimer's Disease Under the Fast Track Status
May 15, 2024 11:19 JST
SMEIC Proposes to Acquire Shanghai Prime: A Catalyst for Developing a New Dual-Wheel Driver Pattern
May 14, 2024 21:54 JST
DENSO and Certhon Introduce Artemy, A Fully Automated Cherry Truss Tomato Harvesting Robot
May 14, 2024 11:02 JST
Supercomputer Fugaku retains first place worldwide in HPCG and Graph500 rankings
May 13, 2024 18:32 JST
Eisai's Antiepileptic Drug Fycompa Approved in China for Adjunctive Treatment of Primary Generalized Tonic-Clonic Seizures
May 13, 2024 17:06 JST
Ogier and TOYOTA GAZOO Racing triumph again
May 13, 2024 14:36 JST
Spa points haul for TOYOTA GAZOO Racing
May 13, 2024 13:56 JST
DOCOMO to Launch NTT DOCOMO GLOBAL for Global Expansion
May 10, 2024 18:13 JST
Release of "Fugaku-LLM" - a large language model trained on the supercomputer "Fugaku"
May 10, 2024 12:20 JST
Paltalk, Inc. Reports Slight Increase in Revenue and 33% Reduction in Net Loss for First Quarter 2024
May 09, 2024 20:39 JST
Cordlife Accelerates Lab and Technical Staff Recruitment to Rebuild Foundation and Strengthen Core Processes in Singapore
May 09, 2024 19:00 JST
Honda Opens New R&D Facility in Bengaluru to Accelerate Electrification in India
May 09, 2024 14:13 JST
Fujitsu introduces "explainable AI" for use in genomic medicine and cancer treatment planning
May 09, 2024 10:41 JST
Mitsubishi Heavy Industries Increases Dividends on Back of Historically High FY2023 Results, Releases FY2024 Guidance
May 08, 2024 14:27 JST
Rome becomes the first European city to offer open loop transit payments to JCB Cardmembers
May 08, 2024 12:00 JST
NEC X Invests in Public Safety Startup Multitude Insights, Scaling AI-Powered Collaboration and Information Sharing for Law Enforcement
May 08, 2024 10:24 JST
ServiceNow and Fujitsu announce strategic commitment to launch innovative cross-industry solutions
May 08, 2024 08:52 JST
More Latest Release >>