PETALING JAYA: YTL Hospitality Real Estate Investment Trust (YTL Hospitality-REIT) posted a 10.8% year-on-year (y-o-y) growth in net profit to RM76mil for the quarter ended June 30, as revenue increased a similar 10.7% to RM130.2mil.
Net earnings for the full year ended June 30 rose 26% y-o-y to RM178mil, as turnover climbed 14% to RM554.9mil.
In a filing with Bursa Malaysia, the investment manager said the positive results for the quarter and the year were attributable to better performance from its hotel and property rental segments.
It said during the fiscal year under review, the average daily room and occupancy rates improved following an increase in international arrivals a a result of sports and entertainment events in Sydney and Brisbane.
Meanwhile, it said revenue and net property income growth for its property segment was contributed by rental income from Hotel Stripes Kuala Lumpur and the step-up rental income from the renewal of the lease agreement of JW Marriott Hotel.
