Increase in 1st Quarter Revenue to RM28 Million Income for the Period Stands at RM20 Million
Kuala Lumpur, 19 November 2009 -- Starhill Real Estate investment Trust ("Starhill REIT") achieved a marginal increase in revenue to RM28.1 million for the first quarter ended 30 September 2009, compared to RM27.9 million for the preceding corresponding quarter ended 30 September 2008. Realised income before tax for the period stood at RM20.5 million this year compared to RM20.6 million last year.
Yesterday, Starhill REIT announced that it was embarking on a rationalisation exercise to reposition the Trust as a global hospitality REIT. The first stage of this process was the entry into a Heads of Agreement relating to the disposal of Starhill Gallery and the Trust's parcels in Lot 10 Shopping Complex to Starhill Global REIT in Singapore. Subsequent stages will involve injections of further hotel assets into the streamlined Trust, the details of which will be determined and announced in due course.