Hektar Real Estate Investment Trust's (Hektar REIT) net income for the second quarter ended June 30, 2010 rose by 3.2 per cent to RM9.1 million, or 2.85 sen per unit.

Its revenue rose by 1.6 per cent to RM22.2 million compared with the preceding year's quarter.

In a statement today, Hektar Asset Management Sdn Bhd, the manager for Hektar REIT, said the results demonstrated the advantages of diversity within its portfolio.

Its chief executive officer, Datuk Jaafar Abdul Hamid, said the refurbishment and re-launch of Mahkota Parade has been fruitful as occupancy and rental reversions were showing positive signs.

'Mahkota Parade's occupancy has improved to approximately 96.9 per cent and rental reversions saw an average seven per cent increase for the recent quarter,' he said.

Hektar REIT declared a second quarter dividend per unit of 2.50 sen, up 4.2 per cent.

It said based on the closing price of RM1.24 on June 30, this represented an annualised yield of 8.1 per cent. -- Bernama