KUALA LUMPUR (March 1): Hektar Real Estate Investment Trust(Hektar REIT) units closed up one sen or 0.89% today at RM1.13 after the group yesterday declared a final dividend of 2.31 sen per unit for the fourth quarter ended Dec 31, 2018 (4QFY18).

Yesterday, Hektar REIT said in a statement to Bursa Malaysia the final dividend of 2.31 sen brought full-year dividends to 9.01 sen a unit. Today, Hektar REIT units closed higher at RM1.13 with 359,700 units traded.

Hektar REIT declared the dividend yesterday in conjunction with its financial results announcement.

Hektar REIT said 4QFY18 net profit fell to RM2.63 million from RM12.08 million a year earlier mainly due to the change in fair value of investment property amounting to RM9.41 million. Hektar REIT said revenue rose to RM33.88 million from RM33.44 million.

For the full year, Hektar REIT said cumulative FY18 net profit climbed to RM33.13 million from RM32.7 million a year earlier while revenue was higher at RM135.11 million versus RM125.54 million.

Net property income, derived from subtracting property operating expenses from revenue, rose to RM78.72 million from RM73.74 million, Hektar REIT said.

Today, Hektar REIT chief executive officer Datuk Hisham Othman said in a separate statement: “Hektar’s solid track record for occupancy, year-on-year increase in revenues and also net property income remains steadfast. It was a very busy year for us as we focused on improving our shopping centres under our portfolio which included asset enhancement initiatives, energy saving initiatives, extensive tenancy remixing and reconfiguration of space on top of taking over the operations of Classic Hotel, the hotel adjoining Wetex Parade in Muar.

"We strive to make sure that we achieve our goals in ensuring we deliver value to our unitholders. For the last 12 months period, the REIT has declared a total distribution of RM41.6 million or 9.01 sen. We are proud that the REIT has and continues to deliver returns to the unitholders and stakeholders despite the challenging market condition and growing competition,” Hisham said.