KLCC REIT net profit up 33.1% in fourth quarter


  • Property
  • Friday, 24 Jan 2020

Despite a challenging market outlook, KLCC REIT said it continued to remain resilient on the back of long-term profile of office leases and the positive results from the retail segment from the reconfiguration exercise in Suria KLCC.

KUALA LUMPUR: KLCC Real Estate Investment Trust’s (KLCC REIT) net profit for the fourth quarter ended Dec 31,2019 rose 33.1% to RM244.41mil from RM183.66mil a year ago, mainly due to property investment in the retail sector and hotel operations segment.

In a filing with Bursa Malaysia, the group said revenue was down by 0.3% to RM364.96mil from RM366.34mil a year ago due to its retail and management services segment.

For its office segment, revenue remained stable due to the triple net-lease agreements and long-term leases.

However, the group said, revenue for the retail segment posted a marginal decrease of 0.3%, dragged by lower advertising income.

Its earnings per share for the fourth quarter was 13.54 sen.

The board has also declared an interim dividend of 11.60 sen for the quarter.

Despite a challenging market outlook, KLCC REIT said it continued to remain resilient on the back of long-term profile of office leases and the positive results from the retail segment from the reconfiguration exercise in Suria KLCC.

“The directors remain cautious on the hotel segment due to the competitive market and the increasing F&B outlets within the KLCC area.

“However, higher tourist arrival from the Visit Malaysia 2020 campaign is expected to cushion the impact, ” it said.


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