KLCC REIT Q2 earnings double to RM186m

By THE STAR

KUALA LUMPUR: KLCC Real Estate Investment Trust’s (KLCC REIT) earnings doubled to RM186.63mil in the second quarter ended June 30, 2013 from RM91.65mil a year ago.

It said on Wednesday revenue rose 9.4% to RM315.78mil from RM288.61mil while earnings per share increased to 10.86 sen from 9.81 sen. It rewarded shareholders with a dividend of 7.45 sen a share compared with 4.0 sen a year ago.

KLCC REIT also benefited from a lower tax of RM7.03mil compared from RM44.91m a year ago.

For the first half, its earnings rose 42.1% to RM274.60mil from RM193.11mil in the previous corresponding period. Revenue rose 10.9% to RM626.22mil from RM564.45mil.

KLCC REIT said revenue from office rental increased by RM20.9mil (16.6%) in Q2, 2013 primarily due to the renewal of the triple net lease for the Petronas Twin Towers for another 15 years effective Oct 1, 2012.

Revenue from retail rental increased by RM10.8mil due to higher rates from renewals, improved occupancy and higher percentage rents.

As for its hotel operations, revenue decreased by RM4.7mil mainly due to lower contribution from food and beverage when compared with a year ago where there was a once-off World Gas Conference event in June 2012.

– Malaysia Real Estate News

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