Suria KLCC operator sees crowd returning, but cautious on business recovery

KUALA LUMPUR: KLCCP Stapled Group reported lower earnings in the third quarter due to the weak performance of its hotel and retail properties amid prolonged strict restrictions and movement control order during the period.

It said that the weekend crowd at Suria KLCC has been encouraging. but the anticipated pace of economic recovery towards the end of the year is likely to be slow.

"Covid-19 has clearly impacted our performance, but we remain focused on our business recovery priorities and repositioning ourselves in facing the new normal," CEO Md Shah Mahmood said in a statement today.

Revenue in the three-month ended Sept 30 declined 17% to RM260.3mil from RM312.6mil a year ago.

Profit befoire tax tumbled 21% to RM154mil.

Despite the weaker results, the group has declared an interim dividend of 7 sen per stapled security.

The group, in a statement today, said that the office segment, backed by long term leases, remained a major contributor to revenue.

The office segment comprises of the Petronas Twin Towers, Menara 3 Petronas, Menara ExxonMobil and Menara Dayabumi.

"Amid on-going challenges, the group remains cautious on the recovery post pandemic for the rest of the year," it said.

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KLCCP Stapled Group , Suria KLCC


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