BUSINESS

KLCC PROPERTY'S Q2 NET PROFIT RISES TO RM180.38 MLN

20/08/2019 06:14 PM

KUALA LUMPUR, Aug 20 -- KLCC Property Holdings Bhd's net profit for the second quarter ended June 30, 2019 rose RM180.38 million from RM179.15 million in the same quarter a year ago.

The increase was on the back of a higher revenue of RM351.09 million from RM345.0 million previously, it said in a filing with Bursa Malaysia today.

KLCC Property said the overall group performance is expected to be relatively stable, underpinned by the long-term lease arrangements of the office segment.

It said the retail segment will be marginally affected by the reconfiguration exercise at the mall which commenced in April 2019 and the first phase is expected to complete by year-end.

Meanwhile, the hotel will continue to operate in a competitive environment as a result of an increase in room inventory within the KLCC area, as well as new food and beverage outlets, it said.

In a separate filing, the company proposed to amend and restate the 2013 Stapling Deed by way of the Amended and Restated Stapling Deed.

It said the proposed amendment and restatement is for the purpose of streamlining the 2013 Stapling Deed to be in line with the guidelines on Listed Real Estate Investment Trust issued by the Securities Commission on March 15, 2018 (which was subsequently revised on June 18, 2019), the listing requirements, and the Companies Act, 2016, as well as to update the 2013 Stapling Deed.

-- BERNAMA

 


 


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