KLCC REIT net profit rises to RM144mil in Q2

KUALA LUMPUR (Bernama) -- KLCC Real Estate Investment Trust’s (REIT) net profit rose to RM144.01 million in the second quarter ended June 30, 2021 (Q2 2021) from RM140.46 million in the same quarter a year ago.

The company told the stock exchange its revenue increased to RM280.16 million from RM267.24 million previously.

KLCC Property Holdings Bhd (KLCCP) and KLCC REIT, collectively known as KLCCP Stapled Group, said the group recorded a revenue of RM280.2 million, up 4.8 per cent compared with Q2 in 2020.

The better Q2 performance came from the retail segment and improved hotel performance in April prior to the resurgence of COVID-19 cases in May and the subsequent full movement control order (FMCO) which started on June 1, 2021.

The office segment, comprising Petronas Twin Towers, Menara 3 Petronas, Menara ExxonMobil, and Menara Dayabumi remained stable and saw minimal impact, backed by its locked-in, long-term tenancies and the triple net lease (TNL) on Petronas Twin Towers and Menara 3 Petronas.

Suria KLCC has continued to revitalise its offerings by bringing in eight new tenants, which included Sandro, Maje, Duboyo, and Empire Sushi.

The group said the remaining period of the year would continue to be challenging due to the pandemic.

The recovery in the hotel and retail segment will be influenced by the easing of movement restrictions and the progress of the vaccination programme.

The office segment will remain resilient, it said, with the Mandarin Oriental Kuala Lumpur continuing to focus on the domestic market until international arrivals resume.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

KLCC REIT , KLCCP Stapled Group


Next In Business News

China stocks end lower as property firms drop on tax scheme plans
Dutch pension fund ABP to sell $17.5 bln of fossil fuel assets
InvestPenang, HSBC ink MoU to attract high-quality investment
Yinson partners GreenTech to speed up EV charging infra in Malaysia
CIMB wins 17 awards for treasury solutions across region
Chinese developer Modern Land defaults; property shares drop
Oil drops ahead of stocks data, Iran talks
Stocks rally in Asia, China property sector worries dampen sentiment
Bank Negara, Bank of Thailand expand currency settlement framework
Unisem posts lower 3Q net profit of RM40.27mil, div of 2c/share

Others Also Read