KLCC Property Eyes RM100 Million Increase In Revenue
KUALA LUMPUR, July 20 (Bernama) -- KLCC Property Holdings Bhd, which owns a diverse property portfolio including a luxury hotel, all largely within the KLCC Development, expects a RM100 million increase in revenue for the financial year ending March 31, 2012.
Group chief executive officer, Hashim Wahir, said the higher expectation for the new financial year was based on the significant impact expected from the completion and full operations of the Lot C office tower within the KLCC development, by early 2012.
"The commencement of operations of Lot C retail in September is also expected to enhance the group's profitability," Wahir said after KLCC Property's annual general meeting here Wednesday.
The six level mall in Suria KLCC, Wahir said, will see an addition of 140,000 sq feet of net lettable area to the existing one million sq feet retail space with the coming on stream of Lot C retail.
It was announced yesterday that Sapura Resources Bhd has entered into a joint venture agreement with KLCC (Holdings) Sdn Bhd, one of the substantial shareholder of KLCC Property for the development of land measuring 7,605 square metres adjacent to the KLCC Convention Centre.
"Our role in this is that they will be capitalising on our capability in managing retail and office buildings," he said.
After Lot C, he said the next development, due for launch within a year, will be on a new landbank near Mandarin Oriental Hotel, Kuala Lumpur with a size of 1.4 acres. This is likely to be a mixed development project, he said.
KLCC Property, which also owns the Kompleks Dayabumi, recommended a final dividend of seven per cent per share for the financial year ended March 31, 2011.
This will bring the total dividends for the year to 12 per cent per share, the highest payout since the listing of the company in 2004.
For the financial year ended March 31, 2011, profit for the year after minority interests amounted to RM706 million, a nine per cent improvement from the preceding year.