KLCC REIT returns to the black in 4Q

KUALA LUMPUR: KLCC Real Estate Investment Trust (Reit) swung to a net profit of RM70.32mil in the fourth quarter ended Dec 31, 2021 (4Q21), from a net loss of RM41.83mil.

Its revenue during the quarter stood at RM348.17mil, up 14.3% from RM304.7mil a year ago.

For the full financial year, the group posted a net profit of RM495.85mil against RM432.16mil.

Revenue, however, fell 5.5% to RM1.17bil from RM1.23mil a year earlier.

The board of directors has declared dividends comprising 5.77 sen and 6.83 sen relating to KLCCP and KLCC REIT respectively in respect of the quarter ended Dec 31, totaling 12.60 sen per stapled security.

The dividend and income distribution for KLCCP and KLCC REIT will be paid on Feb 28. The book closure date in respect of both the aforesaid interim dividend and income distribution is Feb 16.

“Whilst the directors foresee that the consumer market will still be influenced by the Covid-19 development, the directors opine that the

group’s effort in maintaining the business performance and tenants’ sustainability, as well as a swift response to the SOPs, has gained the consumers’ confidence in our offices, malls and hotel,” KLCC Reit said in the notes accompanying its financial results.

“Whilst the hotel prepares to welcome tourists once international borders reopen, the directors do not expect an immediate surge in globetrotting activities amidst the pandemic. Hence, the hotel segment is anticipated to recover at a slower pace,” it said, adding that the office segment, secured by the triple net lease agreements and long-term tenancy structure would continue to reinforce and lend stability to the group.