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Tuesday, May 12, 2009

KLCCP posts RM362.5m net profit in 4Q

KUALA LUMPUR: KLCC Property Holdings Bhd posted net profit of RM362.53 million in its fourth quarter ended March 31, 2009, up 37% from RM264.77 million a year ago, boosted by fair value adjustment of the investment properties.

KLCCP said on May 12 revenue was RM211.58 million compared with the RM211.04 million a year ago. Earnings per share was 38.81 sen versus 28.34 sen. It declared tax-exempt dividend of 5.5 sen per share.

For the full year, its net profit rose to RM535.65 million from RM441.57 million. Revenue was RM861.22 million versus RM843.04 million.

“The increase in revenue was mainly contributed by increased rental of office building in particular Dayabumi (higher occupancy and rental revision), increased rental of the retail mall (higher rental) and increase in revenue from the car park operations despite a reduction in revenue from hotel operations.

“Besides the higher revenue, the increase in profit before taxation was also contributed by higher interest income and lower finance cost borne during the year,” it said.

On the 4Q revenue, it said there was a decline by RM7.2 million over 3Q’s RM218.8 million whereas the profit before taxation of RM659.0 million increased by RM533.7 million as compared to the preceding quarter of RM125.3 million.

“The decrease in revenue was mainly attributable to the reduction in revenue from hotel operations which was partially offset against the higher revenue achieved from the retail mall (higher rental) and office building in particular Menara ExxonMobil (rental revision),” it added.

KLCCP said the higher pre-tax profit was mainly due to the surplus from fair value adjustment of the investment properties of RM508.4 million earned in the current quarter.

For the prospects, it expected the current adverse economic conditions affecting demand would continue to impact the group’s hotel and retail businesses for the coming financial year.

However, it expected to benefit from the continuing measures which have been implemented to improve efficiency and mitigate the impact of the prevailing economic circumstances.

By The EDGE Malaysia

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