Hotel ops weigh on KLCC Stapled earnings

TheStar Wed, Nov 11, 2020 08:30am - 3 years View Original


“The recent spike in Covid-19 cases in the country poses great challenges to the group. As we started to gain momentum in the third quarter, the pace has been dampened again by this unprecedented occurrence, ” said KLCC Property chief executive officer Datuk Hashim Wahir (pic).

PETALING JAYA: KLCCP Stapled Group posted a 14% decline in net profit to RM156.66mil for the third quarter of this year from RM181.41mil a year earlier, dragged by its hotel operation Mandarin Oriental and and retail segment Suria KLCC.

KLCCP Stapled, which comprises KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC REIT), declared 7.50 sen per share dividend for the period between July and September.

Its revenue for the quarter fell almost 12% to RM312.60mil compared with RM353.52mil previously.

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