Commercial & Industrial Property News Update

Malaysia - KLCC Property Achieves RM 91.6 million In Profit

August 15, 2012

Second quarter earnings for KLCC Property came in at RM 288.6 million, with net profit of RM 91.6 million - or 9.81 sen per share.

KLCC Property Holdings Bhd reported RM 91.6 million in net profit for Q2 2012, or 9.81 sen per share. For the quarter, revenue stood at RM 288.6 million.

This brings the total revenue for the first half of the year to RM 546.4 million, with net profit of RM 193.1 million.

There is no equivalent comparative quarter as KLCC Property had announced a financial year-end change from 31 March to 31 December from April 2011.

For the second quarter, the company experienced a 1.4% rise in pre-tax profit which was recorded at RM 184.4 million - collecting RM 2.5 million more than the previous quarter. This was mainly attributable to higher revenue from its hotel segment and retail arm (which includes Suria KLCC and Menara 3 Petronas), as well as higher office revenue from Menara 3 Petronas.

"The directors are of the view that the results for the remaining 2012 period will remain stable due to long-term office tenancies and expected improvement in retail occupancy. The hotel segment will continue to trade in a competitive environment," KLCC Property said in notes accompanying its financial results.

Tags: Real estate investment, Business space, Income properties

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