KLCC Property group pre-tax profit for FY2010 rises 25%

KUALA LUMPUR: KLCC Property Holdings Bhd (KLCCP)’s group revenue for its financial year ended March 31,2010 rose by 2% to RM881.3 million compared with RM866.5 million in the previous financial year ended March 31, 2009.

The pre-tax profit  of RM1,291.5 million (inclusive of fair value adjustment) for the year under review represents an improvement of RM259.3 million or 25% compared to RM1,032.2 million for the previous financial year.

KLCCP announced on Bursa Malaysia on Monday May 17 that the increase in revenue was mainly attributed to better rental income particularly from Menara ExxonMobil and Dayabumi in Kuala Lumpur and the Suria KLCC retail mall, despite a reduction in revenue from the hotel operations. The improved profit before taxation was also attributed to lower operating and finance costs during the year.

The rise in pre-tax profit was also contributed by the surplus of RM249.6 million from the fair value adjustment of its investment properties to RM758.0 million compared with RM508.4 million in the preceding year.

The Group’s revenue for the fourth quarter was RM225.6 million, an improvement over the preceding quarter’s RM223.7 million. The 4Q FY2010 profit before taxation of RM899.9 million (inclusive of fair value adjustment) was higher by RM769.9 million compared to the preceding quarter of RM130.0 million.

KLCCP said it expects the operating environment is expected to remain challenging although the Group benefits from a resilient rental sector which will underpin the overall performance of the Group for the year ahead.

A final dividend of 6.0 sen per share has been proposed amounting to RM56.04 million to shareholders payable on a date to be announced later.