KLCCP Stapled Group records higher 1Q net profit of RM180.56mil

KUALA LUMPUR: KLCCP Stapled Group, comprising KLCC Property Holdings Bhd and KLCC Reit, recorded a higher net profit of RM180.56 million in the first quarter ended March 31, 2023, compared to RM161.44 million in the previous corresponding quarter, reflecting continued growth and recovery across all business segments.

Revenue increased by 18.3 per cent to RM380.74 million from RM321.71 million previously.

In a filing with Bursa Malaysia today, the group said its retail segment registered higher revenue of RM129.8 million, an increase of 17 per cent, supported by better tenant sales and improved customer counts at the mall.

"This was partially offset by higher electricity costs as a result of the hike in Imbalance Cost Pass-Through (ICPT) charges announced in January 2023. Nonetheless, overall profit before tax improved by 25 per cent to RM99.7 million during the quarter under review,” it said.

KLCCP Stapled said the hotel segment’s revenue jumped to RM46.1 million compared to RM20.0 million in the corresponding quarter.

"The management services segment comprising the facilities, management and car parking management services saw a revenue increase to RM77.4 million with a profit before tax rising by 13 per cent to RM19.2 million,” it said.

The group also declared a first interim dividend of 1.41 sen per share for the financial year ending Dec 31, 2023, which would be paid to the shareholders on June 28, 2023.

Moving forward, KLCCP Stapled said it remained positive and optimistic that the economic and business indicators would continue to show positive recovery momentum with the return of meetings, incentives, conventions and exhibitions (Mice), events and tourism activities, as well as rising domestic demand.

"Overall, the group’s performance is expected to remain stable backed by the long-term leases and triple net lease agreement in the office segment,” it added. - Bernama

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Bursa Malaysia joins global WIW campaign to combat financial fraud, investment scams
Jorgen Rostrup to resign as CelcomDigi's deputy chairman from Oct 1
MRCB Land announces RM384mil GDV residential project in Kwasa Damansara City Centre
Ringgit ends higher on improving domestic demand
Bursa reprimands, fines Serba Dinamik MD/CEO RM15,000
ASM 3 declares income distribution of 4.5c/unit
UEM Sunrise completes RM350mil Islamic medium-term notes issuance
MAHB appoints Gordon Andrew Stewart as COO
Broad-based selling drags Bursa Malaysia to end at day's low
IHH group CFO to be on garden leave from Sept 30, 2023

Others Also Read