News & Articles KLCCP and KLCC REIT are hopeful of regaining pre-pandemic performance levels
KLCCP and KLCC REIT are hopeful of regaining pre-pandemic performance levels
11 Aug 2022
KLCC Property (KLCCP) Holdings Bhd and KLCC Real Estate Investment Trust (REIT), which make up KLCCP Stapled Group Bhd, are hopeful about their recovery and return to pre-pandemic performance levels.
According to Md. Shah Mahmood, chief executive officer of KLCCP, rising inflation and rising material costs could impair economic recovery, making recovery efforts more difficult than anticipated.
He asserts that lower consumer purchasing power and cautious customer attitudes could temper the retail and hospitality industries' "return to normal" trend.
While Suria KLCC, which represents the retail section, will continue to capitalise on the return of tourists and strengthen its retail activities and promotional programmes, KLCCP Stapled Group's office segment is anticipated to stay steady as a result of long-term rentals.
In the upcoming quarters, Mandarin Oriental, Kuala Lumpur (MOKL) anticipates improved visibility due to a rebound in visitor arrivals, a more robust event schedule, and improved MICE activities.
KLCCP Stapled Group's net profit for the second quarter ended June 30, 2022 (2Q22), grew 14.69 per cent to RM165.18 million from RM144.01 million a year earlier, on the strength of strong progress in the retail and hotel categories, it said in a filing with Bursa Malaysia yesterday.
The group's revenue climbed by 25.03 per cent to RM350.31 million in the second quarter of this year from RM280.17 million the previous year due to stronger performance in the retail and hotel divisions.
The rise in foot traffic in Suria KLCC increased occupancy in MOKL, and higher food and beverage (F&B) covers all support the improvement for the 2Q22, it said in the filing.
Quarterly, revenue climbed by 8.89 per cent from RM321.71 million for 1Q22, while net profit increased by 2.32 per cent from RM161.44 million reported for 1Q22.
KLCCP Stapled Group has a diverse property portfolio largely located within the Kuala Lumpur City Centre, including prime Grade A office buildings, Suria KLCC, and MOKL.
PETRONAS Twin Towers, Menara ExxonMobil, and Menara 3 PETRONAS are stabilised and fully owned properties that fall under KLCC REIT.
Suria KLCC, MOKL, and a vacant plot of land (Lot D1) are non-wholly owned assets with development and redevelopment potential that are under KLCCCP.
Additionally, KLCCP owns a 33 per cent stake in Menara Maxis.
According to Md. Shah Mahmood, chief executive officer of KLCCP, rising inflation and rising material costs could impair economic recovery, making recovery efforts more difficult than anticipated.
He asserts that lower consumer purchasing power and cautious customer attitudes could temper the retail and hospitality industries' "return to normal" trend.
While Suria KLCC, which represents the retail section, will continue to capitalise on the return of tourists and strengthen its retail activities and promotional programmes, KLCCP Stapled Group's office segment is anticipated to stay steady as a result of long-term rentals.
In the upcoming quarters, Mandarin Oriental, Kuala Lumpur (MOKL) anticipates improved visibility due to a rebound in visitor arrivals, a more robust event schedule, and improved MICE activities.
KLCCP Stapled Group's net profit for the second quarter ended June 30, 2022 (2Q22), grew 14.69 per cent to RM165.18 million from RM144.01 million a year earlier, on the strength of strong progress in the retail and hotel categories, it said in a filing with Bursa Malaysia yesterday.
The group's revenue climbed by 25.03 per cent to RM350.31 million in the second quarter of this year from RM280.17 million the previous year due to stronger performance in the retail and hotel divisions.
The rise in foot traffic in Suria KLCC increased occupancy in MOKL, and higher food and beverage (F&B) covers all support the improvement for the 2Q22, it said in the filing.
Quarterly, revenue climbed by 8.89 per cent from RM321.71 million for 1Q22, while net profit increased by 2.32 per cent from RM161.44 million reported for 1Q22.
KLCCP Stapled Group has a diverse property portfolio largely located within the Kuala Lumpur City Centre, including prime Grade A office buildings, Suria KLCC, and MOKL.
PETRONAS Twin Towers, Menara ExxonMobil, and Menara 3 PETRONAS are stabilised and fully owned properties that fall under KLCC REIT.
Suria KLCC, MOKL, and a vacant plot of land (Lot D1) are non-wholly owned assets with development and redevelopment potential that are under KLCCCP.
Additionally, KLCCP owns a 33 per cent stake in Menara Maxis.
Source: NST.com.my
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