KLCC Property 2Q net profit up 4%

KUALA LUMPUR: KLCC Property Holdings Bhd's net profit rose 3.6% to RM97.17 million in its second quarter (2Q) ended September 2009, from RM93.81 million in the same period a year earlier, helped by lower operating and finance expenses. Revenue fell 1% to RM214.99 million from RM216.86 million, the company told Bursa Malaysia on Nov 16.

Six-month cumulative net profit, however, rose 3.7% to RM193.97 million from RM186.97 million as revenue gained 0.3% RM432.08 million from RM430.88 million as the firm raked in higher rental income from its commercial properties.

The company also registered more income from its carpark business although hotel-operations revenue fell.

"The prevailing economic conditions will continue to affect demand for the group’s hotel and retail activities for the remainder of the financial year. However, as the group will continue to benefit from initiatives that had previously been implemented to contain costs and preserve margins, the directors anticipate that the overall group profitability for the current financial year will generally reflect current levels of performance," KLCC Property said.

The company said it would pay a tax-exempted single-tier interim dividend of five sen per share for the six months ended September on Dec 21 to shareholders whose names appear in the record of depositors of the company on Dec 2.