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KLCC Property Holdings 1Q revenue at RM227m

KUALA LUMPUR: KLCC Property Holdings Bhd’s revenue for its first quarter ended June 30, 2010 rose 4% to RM227.0 million from RM218.4 million recorded in the corresponding quarter last year.

The company said on Friday, Aug 27 that its profit before taxation stood at RM139.8 million, up 7% compared with RM131.1 million recorded a year earlier.

The Group that the increase in revenue was mainly contributed by better rentals from its office buildings particularly the Dayabumi building (rental revisions) and its retail mall (higher rental).

Revenue from hotel operations also improved. Besides the higher revenue, the improved profit before taxation was also achieved through lower operating costs and finance cost borne during the period.

Revenue for the quarter improved marginally by RM1.4 million over the preceding quarter of RM225.6 million whereas profit before was lower by RM2.1 million from RM141.9 million in the preceding quarter.

The lower profit before tax was mainly due to the lower share of profits of the associate in this quarter as the preceding quarter included a fair value adjustment of RM6.1 million.

The Group said the majority of its earnings are underpinned by long term office tenancies and a sustainable retail sector.

“Barring any unforeseen circumstances, the Directors are of the opinion that the Group’s performance for the year will be satisfactory. However, it should be noted that the hotel sector will continue to underperform but the impact is not expected to be material to the overall Group’s earnings,” it said.
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