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KLCC’s FY14 DPU increases 16.24% to 33.64 sen

KUALA LUMPUR (Jan 26): KLCC Property Holdings Bhd (KLCCP) has announced a distribution per unit (DPU) of 8.75 sen for its fourth quarter ended Dec 31, 2014, which is marginally higher than last year’s 8.71 sen.

For the full financial year ended Dec 31, 2014 (FY14), the stapled securities recorded a DPU of 33.64 sen, an increase of 16.24% from 28.94 sen in 2013. This represents a historical yield of about 5%, based on its closing price of RM6.80 today.

The 4QFY14 dividend will be distributed to unit holders on Feb 27 this year, said KLCCP (fundamental: 1.85; valuation: 1.2) in an announcement with Bursa Malaysia today.

For 4QFY14, the stapled securities raked in a total realised distributable income of RM175.36 million, an increase of 6% from RM165.47 million a year earlier. Revenue came in 4.46% higher at RM347 million, from RM332.18 million.

Total realised distributable income for its full year ended Dec 31, 2014, increased 37.7% to RM639.06 million from RM464.18 million; while its revenue climbed 5.44% to RM1.35 billion, from RM1.28 billion.

In a filing with Bursa Malaysia today, KLCCP explained its revenue from office rental remains relatively consistent with the slight increase, mainly attributable to implementation of triple net lease for Kompleks Dayabumi.

Meanwhile, revenue from retail segment also increased, arising from higher rental rates from new outlets and rent reviews in FY2014. Its hotel operations also saw higher revenue, mainly due to the opening of ballroom facilities after the completion of renovation in FY2014.

Additionally, its management services recorded higher revenue, mainly due to increase in rates from existing car parking operations and provision of additional services for facilities management.

“The directors expect overall group performance to remain stable for the year, benefiting from the long term tenancies of the office segment and the performance of the retail segment,” said KLCCP.

However, the hotel segment will continue to trade in a challenging environment during 2015, it cautioned.
 
Following a revaluation exercise on its investment properties, KLCCP disclosed it had recognised a fair valuation gain of RM386.1 million, translating to a 14 sen gain on its net assets per unit to RM6.66, from RM6.52.

The properties that underwent revaluation exercise include Suria KLCC, Menara Dayabumi, Lot D1, Petronas Twin Towers, Menara ExxonMobil and Menara 3 Petronas.

KLCCP closed unchanged at RM6.80, translating to a market capitalisation of RM12.27 billion.

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