KLCC Property Holdings’ cumulative 2Q revenue up by 0.3%

KUALA LUMPUR: KLCC Property Holdings Bhd’s cumulative 2QFY2010 revenue saw an increase of RM1.2 million, or 0.3%, to RM432.08 million compared with RM430.88 for the corresponding period in the previous year.

According to its statement to Bursa Malaysia on Feb 24, the rise in revenue was due to the increased rental of office buildings, particularly at Menara ExxonMobil and Dayabumi and increase in revenue from car park operations, despite a reduction in revenue from its hotel business.

Meanwhile, its revenue for 2QFY2010 decreased by RM2.1 million to RM215 million, compared with 2QFY2009. The decrease was mainly attributed to the lower revenue achieved from hotel operations.

The group believes the prevailing economic conditions will continue to impact demand for its hotel and retail services for the remainder of the financial year. “However, as the group will continue to benefit from initiatives that had previously been implemented to contain costs and preserve margins, the directors anticipate that the overall group profitability for the current financial year will generally reflect current levels of performance,” it said.