KLCCP Stapled revenue increases to RM690.1m
KUALA LUMPUR: KLCCP Stapled Group saw positive top-line growth across its business segments for the first half of the year despite a challenging market.
Revenue rose to RM690.1 million, registering year-on-year growth of 2.4 per cent, while pre-tax profit grew 1.6 per cent to RM466.6 million, it said.
For the second quarter ended June 30, KLCCP delivered stable performance, with additional contracts in the management services segment and stronger revenue from the hotel segment contributing to its top-line growth.
Overall, revenue and pre-tax profit improved 2.2 and 1.2 per cent, respectively.
KLCCP Stapled Group distributed 93 per cent of its overall income with a distribution per stapled security of 8.70 sen, a 1.2 per cent increase year-on-year. This brings the distribution per stapled security to 17.40 sen for the first half of the year.
In the office segment, revenue and pretax profit remained relatively stable, recording marginal growth, reflecting 100 per cent occupancy in Menara ExxonMobil since April last year.
The retail segment comprising Suria KLCC and retail podium Menara 3 Petronas recorded an increase in revenue and pre-tax profit by 1.2 and 1.5 per cent, respectively, arising from higher rental rates backed by sustained occupancy rates.
Nine new tenants had come on board Suria KLCC in the first half of this year, with Tom Ford making its first presence in Asia with its stand-alone boutique.
The hotel segment, represented by Mandarin Oriental Kuala Lumpur, recordeda 7.2 per cent revenue growth year-on-year, backed by higher average room rates.
KLCCP Stapled Group remains focused on sustaining growth, primarily anchored by the long-term leases of the office segment.