Hektar Real Estate Investment Trust's (Hektar REIT) pre-tax profit for the third quarter ended Sept 30, 2010 rose to RM9.73 million from RM9.58 million in the same quarter in 2009.

Revenue increased to RM22.68 million from RM22.56 million previously.

For the ninth-month period, its pre-tax profit rose to RM28.9 million from RM27.56 million in the corresponding period of the preceding year.

Revenue increased to RM67.89 million from RM66.18 million previously.

In a filing to Bursa Malaysia, the company attributed the good results to improvement in rentals and car park income.

'In addition, the application of Financial Reporting Standard 117 commencing Jan 1, 2010 also contributed to the higher revenue,' it said.

Hektar REIT said it would continue to optimise the property portfolio through selective asset enhancement in the existing malls, including a proposed cinema for Subang Parade and a new retail zone for Wetex Parade.

'The company will also continue to explore and negotiate potential acquisition opportunities,' it said.

It said following the completion of Mahkota Parade's refurbishment in the second quarter of 2010, it would maintain the retail centre's leadership position in Bandar Melaka.

Hektar REIT said it would maintain its view of cautious optimism for the Malaysian retail sector. -- Bernama