KLCC Real Estate Investment Trust reported its quarterly revenue and profit before tax which increased by 7% and 3% respectively as compared to the same period last year.
The Q3 results saw the group’s revenue increase to RM401 million from RM371 million in the preceding year’s quarter, profit after tax came in higher at RM186 million versus RM176 million registered in Q3FY2022.
The group attributed the better performance to the improvement in the hotel and management services segments whilst the office segment remained steady. The hotel achieved higher occupancy with increased international guests. The management services segment was contributed by higher maintenance activities undertaken.
However, KLCC REIT said the hike in the Imbalance Cost Pass-Through (ICPT) earlier this year has resulted in higher utility costs across all business segments, which affected the Group’s overall profitability. Nonetheless, the year-to-date performance improved by 12% and 9% in revenue and PBT respectively.
Retail segment recorded improvement in tenants’ sales, higher occupancy and footfall on the back of innovative marketing campaigns. Excluding the reversal adjustment on rental rebate in Q3 2022, revenue and PBT exceeded last year’s performance by 5.4% and 1.0% respectively.
Year-to-date revenue improved by 5.9% or RM21.9 million from the sustained tenants’ performance. Despite the higher utilities cost due to ICPT surcharge, PBT has improved by 5.5% driven by higher revenue and cost optimization.
The Board of KLCC REIT Management Sdn Bhd wishes to announce that a Third Interim Income Distribution of 6.30 sen per unit for financial year ending 31 December 2023 will be paid on 29 December 2023.
