Within expectations. KLCCP reported 9MFY03/10 normalised net profit of RM180.3m (+4.2% yoy). This accounted for 75% and 74% of RHBRI and consensus estimates, respectively. The yoy earnings growth was mainly due to:
a) higher rental of office buildings;
b) increased rental rate of the retail mall;
c) higher contribution from the car park operations; and
d) lower operating costs arising from cost rationalisation exercise as well as lower interest expenses.
All these have aided to offset the drop in hotel operation (lower occupancy rate due to weak economic environment and H1N1 outbreak). On qoq basis, the company’s net profit recorded a marginal 2.5% drop to RM59.2m, mainly due to higher utilities incurred in its retail division.
KLCC Property Holdings Berhad : No Surprises - 01/03/2010
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