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Hektar REIT Posts RM 26.78 Million (US$6.46 Million) in Revenue in Q1 2021

May 26, 2021 – Malaysia’s Hektar Real Estate Investment Trust announced that it has recorded revenue of RM26.78 million (US$6.46 million), which is 12.8% lower than the RM30.71 million (US$7.41 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.

Dato’ Hisham bin Othman, Chief Executive Officer of Hektar Asset Management Sdn. Bhd, commented: “The retail-distributive 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.”

Read more here..

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