KUALA LUMPUR: KLCCP Stapled Group, comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust, posted a net profit of RM183.95mil for the first quarter (Q1) ended March 31, 2019, up 1.8% from the corresponding period last year.
Both the office and retail segments recorded year-on-year (y-o-y) profit growth, but the hotel operations, represented by Mandarin Oriental Kuala Lumpur, swung to a loss due to intense competition in the banqueting market and higher depreciation on the fully refurbished rooms.