“We are looking into resetting our priorities and positioning our growth trajectory, building on the positive outlook for REITs (real estate investment trust) in the year ahead. Riding on this positive momentum, we will continue our recovery efforts and work collaboratively with our customers for mutually beneficial outcomes,” he said in a statement.

The KLCCP Stapled Group is made up of KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (KLCC REIT). It has a diverse property portfolio, the majority of which is located in the Kuala Lumpur City Centre, and includes prime Grade A office buildings, a premier retail mall, and a luxury hotel.

For the fourth quarter ended December 31, 2021 (4Q FY21), the group reported a net profit of RM70.33 million, compared to a net loss of RM41.84 million the previous year.

Its revenue increased 14.3 per cent to RM348.17 million from RM304.71 million as its retail and hotel segments recovered following the transition to Phase 3 and, later, Phase 4 of the National Recovery Plan.

The retail segment, which includes Suria KLCC and the retail podium of Menara 3 PETRONAS, recorded revenue of RM119.99 million, a 21.7 percent increase from RM98.62 million the previous year, due to increased footfall and tenant sales, as well as higher advertising income.

Suria KLCC welcomed seven new tenants during the quarter, ranging from F&B outlets to fashion accessories, including Evisu, a Japanese fashion store and fashion accessories store, Amaris Beauty, Oakley, and Charles & Keith.

The mall experienced an encouraging recovery during the quarter, aided by the year-end festive season and shopper reward campaigns that drove foot traffic and significant direct sales for our retail partners.

Revenue for its hotel segment, which includes the Mandarin Oriental, Kuala Lumpur, more than doubled to RM23 million from RM9.65 million a year ago as occupancy rate recovered slightly to 29 percent from 14.8 per cent in 4Q FY20, and food and beverage performance improved.

The office segment increased revenue by 1.83 percent to RM145.39 million in 4Q FY21 from RM142.77 million the previous year, owing primarily to lower finance costs and a minimal impairment recorded on the Phase 3 Redevelopment of Komplek Dayabumi.

The group’s net profit increased 14.7 per cent to RM495.85 million in FY21, up from RM432.17 million the previous year. Revenue dropped 5.5 per cent to RM1.17 billion from RM1.24 billion.

Source: NewStraitsTimes,  January 31, 2022