LAPORAN TAHUNAN A N N U A L R E P O R T - Ahp.com.my

Laporan Tahunan 2009
Annual Report 2009 68
MANAGER’S REPORT ON AMANAH HARTA TANAH PNB
FOR THE YEAR ENDED 31 DECEMBER 2009 (CONTD.)
PERFORMANCE OF THE TRUST
2009 2008
Total net asset value (RM) 150,791,715 150,078,135
Units in circulation (units) 100,000,000 100,000,000
Net asset value per unit attributable to unit holders (sen) 150.79 150.08
Market price per unit (sen) 92.00 75.00
Highest traded price (sen) 94.00 95.00
Lowest traded price (sen) 70.00 70.00
There is no significant change in the assets allocation since the last report.
RESULTS OF THE OPERATIONS OF THE TRUST
The results of the operations of the Trust for the year are as follows:
Net income before taxation 7,463,580
Taxation -
Net income after taxation 7,463,580
During the financial year, the Trust has recorded net income before taxation of RM7,463,580 as compared with RM8,750,629
recorded last financial year. Lower net income before taxation during the year was due to no unrealised gain on revaluation of
real estates during the year as compared to RM1,805,000, earned during the year ended 31 December 2008.
In terms of net rental income, the Trust has recorded an increase of RM171,670 or 1.967% from RM8,725,468 recorded in previous
year, following the increase in rental rate charges for renewal and new tenancies. The Trust’s total expenditure showed an increase
of RM232,685 or 12.31% from RM1,890,066 recorded last financial year.
REVIEW OF THE PROPERTY MARKET
The year 2009 marked another challenging period for the Malaysian economy since the 1997-98 recession. The report for the first
half of the year showed real GDP had contracted by 5.1% as a result of the global financial and economic crisis. The depressing
external environment generally had weakened exports, investment as well as domestic spending.
However, signs of stabilisation emerged during the second half of the year, due to the RM67 billion Government fiscal stimulus
packages and accommodative monetary policy which helped stimulate spending by the public sector and consumers. On the
external front, recovery in major economies that started in the second quarter driven by the fiscal stimulus measures provided
support to Malaysia’s exports. Consequently, the domestic economy charted an expansion in the final quarter after witnessing a
small decline of 1.2% in the preceding three months.
It is encouraging to note, the performance of domestic property market was modestly affected by the weakening of the domestic
and international economies. The development of the purpose-built office sub-sector generally had remained stable with the
occupancy rate and growth in new supplies retained at high levels. According to Valuation and Property Service Department,
Ministry of Finance, the occupancy rate of privately-owned buildings in the third quarter of 2009 averaged 80.1% compared with
80.6% in the same period of 2008. Total space recorded an increase of 6.2% to 11.83 million square meters.
RM