Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 13): KLCCP Stapled Group's net profit rose 2.1% to RM181.43 million in the third quarter ended Sept 30, 2018 (3QFY18) from RM177.7 million a year ago, reflecting the full occupancy in Menara ExxonMobil since April 2017.

The earnings boost was also due to higher rental rates at its retail properties, and stronger occupancy rates in its hotel operations.

Earnings per stapled security rose to 10.05 sen from 9.84 sen in the year-ago quarter, its results filing with Bursa Malaysia today showed. Revenue rose 2.6% to RM349.48 million from RM340.5 million.

The stapled group, which comprises KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust, declared a distribution of 8.7 sen, payable on Dec 28 this year.

For the nine-month period (9MFY18), KLCCP’s net profit grew 1.7% year-on-year to RM541.25 million from RM532.38 million, while revenue rose 2.5% to RM1.04 billion from RM1.01 billion. Earnings per stapled security rose to 29.98 sen, from 29.49 sen.

In a statement, KLCCP said its overall performance for the remainder of 2018 is expected to remain stable as its office segment will continue to be backed by long-term tenancies.

“Despite the challenging market conditions, the retail segment is likely to remain resilient while the hotel segment, with the newly completed refurbished rooms, is expected to continue to operate in a competitive environment,” it said.

“The group will continue to focus on strengthening its competitive advantage to sustain growth and generate stable returns to the holders of [our] stapled securities,” it added.

KLCCP closed five sen or 0.66% higher at RM7.66 today, valuing it at RM13.83 billion.

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