KUALA LUMPUR (May 23): KLCCP Stapled Group (KL:KLCC) registered a 4.1% increase in net profit for the first quarter ended March 31, 2024 (1QFY2024) to RM188.03 million from RM180.56 million a year earlier, on the back of steady performance across its business segments.<\/p>\n
The group \u2014 comprising KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (KLCC REIT) \u2014 saw quarterly revenue rising 7.4% to RM408.9 million from RM380.74 million, its Thursday bourse filing showed.<\/p>\n
Earnings per stapled security stood at 10.42 sen, up from 10 sen previously. The group declared a dividend of nine sen per stapled security for the quarter, 5.9% higher than the same period last year, payable on June 28.<\/p>\n
The group\u2019s retail property investment segment, which comprises Suria KLCC and the retail podium of Menara 3 PETRONAS, posted a 9.3% rise in profit before tax (PBT) to RM108.94 million from RM99.66 million previously, mainly due to an upward revision in base rents, and an improvement in occupancy.<\/p>\n
Its hotel segment, Mandarin Oriental KL, bounced back to the black at the pre-tax level with a PBT of RM1.76 million versus a loss before tax of RM2.31 million in 1QFY2023, on the back of higher average room rates and occupancy. A rise in food and beverage covers, banqueting and group and social events also lifted the segment’s performance.<\/p>\n
Its office segment remained largely stable, with PBT seeing a marginal uptick from RM120.6 million to RM120.8 million, backed by the triple net lease arrangement and long-term leases in PETRONAS Twin Towers, Menara PETRONAS, Menara ExxonMobil and Menara Dayabumi. Its management services business, likewise, was steady, with PBT rising 4% to RM19.9 million.<\/p>\n
On prospects for the quarters ahead, KLCC Stapled Group said Suria KLCC maintains a positive outlook despite heightened competition, while Mandarin Oriental is strategically positioned to leverage the favourable economic climate, strengthening its collaboration with KLCC precinct partners.<\/p>\n
\u201cWhile fiscal adjustments such as subsidy recalibration, service tax base expansion, and fluctuations in foreign exchange rates will continue to shape the economic landscape, the directors maintain a buoyant outlook, supported by the group\u2019s assets and strategic long-term leasing agreements,\u201d the group said.<\/p>\n
\u201cThe group is poised to sustain its commendable performance throughout FY2024,\u201d it added.<\/p>\n
KLCCP Stapled Group settled unchanged at RM7.54 on Thursday, giving the group a market capitalisation of RM13.61 billion.<\/p>\n