♦ Within expectations. KLCCP’s 1QFY11net profit of RM63.7m (+5.5% yoy) came in within our and consensus estimates. Revenue grew 4.6% yoy, mainly attributed to: a) higher rentals of retail mall and office buildings (+4.2% yoy) in particular Dayabumi, due to rental revisions; b) higher revenue from hotel operations (+3.1% yoy). Meanwhile, the yoy improvement in PBT was due to lower operating costs and finance cost incurred during the quarter. As expected, no dividend was declared for the quarter.
KLCC Property Berhad : No Surprises - 30/08/2010
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