Within expectations. FY03/10 results came in within expectations. Normalised FY03/10 pretax profit (excluding RM758m revaluation gains) grew 7.2% driven by: (1) Higher rentals from the retail mall and office buildings; (2) Higher contribution from the car park operations; and (3) Lower operating costs and interest expenses. These were partly offset by a decline in hotel revenue due to the weak economic condition and the H1N1 outbreak. The company has proposed final net dividend of 6 sen in 4Q10, bringing FY10 total net dividend to 11 sen, translating to a 3.3% yield. This is in line with our expectation.
KLCC Property Berhad : Normalised FY03/10 Pretax Profit Grows 7.2% - 18/5/2010
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