KUALA LUMPUR (Aug 7): KLCC Property Holdings Berhad (KLCCP) has announced a distribution per unit (DPU) of 8.34 sen for its second quarter ended June 30, 2015 (2QFY15), slightly higher as compared to 8.05 sen in the previous corresponding quarter.

The 2QFY15 dividend will be paid on Sept 18, according to an announcement with Bursa Malaysia today.

KLCCP (fundamental: 1.60; valuation: 1.50) raked in a total realised distributable income of RM160.97 million for the quarter — an 8.4% increase from RM148.48 million in 2QFY14.

The staple REIT (real estate investment trust) also reported a net profit of RM179.86 million or 9.96 sen a share, for the second quarter ended June 30, 2015 (2QFY15),  a 19.2% increase compared with RM150.9 million or 8.36 sen a share a year ago, due to higher rental rates.

Revenue for the quarter, however, dipped marginally to RM329 million, from RM332.81 million in 2QFY14, due to closure of City Point Kompleks Dayabumi for redevelopment and challenging conditions for hotel operations, according to the group’s filing to Bursa Malaysia.

However, its management services recorded higher revenue from additional facilities management services.

For the six months period (6MFY15) ended June 30, KLCCP posted a net profit of RM358.37 million or 19.85 sen a share, 7% higher as compared to RM335.86 or 18.55 sen a share a year ago. This is despite slightly lower revenue of RM655.9 million for the period, from RM673.7 million in 6MFY14.

“The directors expects the office and retail segments to remain stable for the rest of FY15, although the hotel segment is expected to face a challenging environment on the back of depressed market conditions, on top of continuing renovation works at the hotel,” KLCCP said.

KLCCP share price closed 15 sen or 2.1% higher at RM7.29, translating into a market capitalisation of RM12.89 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)