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Tuesday, August 4, 2009

KLCC Property net profit up 4pc in first quarter

PROPERTY developer KLCC Property Holdings Bhd (KLCCP) posted a 4 per cent rise in first-quarter net profit to RM96.8 million, thanks to lower operating and finance costs.

Revenue for the three months ended June 30 2009 stood at RM217.1 million, up 1.4 per cent from RM214 million in the same period last year.

KLCCP attributed the increase in revenue to increased rental of its office buildings, particularly Menara ExxonMobil and Dayabumi in Kuala Lumpur, and its retail mall as well as increased revenue from its car park operation.

KLCCP expects the current slow economic activity to continue to impact demand for the group’s hotel and retail services for its full year ending March 31 2010.

However, the company said its measures previously implemented to contain costs and improve efficiency were beginning to show results.

“The directors anticipate that overall group profitability for the current financial year will be in line with expectations,” it said in a statement to Bursa Malaysia yesterday.

Last week, the company paid its shareholders a final dividend of 5.5 sen per share, which amounted to RM51.4 million.

By Business Times

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