KUALA LUMPUR: KLCC Property Holdings Bhd’s net profit eased to RM176.9 mil for the first quarter ended March 31, 2020 from RM183.9 mil in the same period last year.
Revenue, however, rose to RM354.6 mil from RM353.4 mil previously.
In a filing with Bursa Malaysia today, the group said the performance of its office segment remained stable, supported by triple net lease agreements and long-term leases.
Meanwhile, the performance of its hotel segment was badly affected by the Covid-19 pandemic due to the cancellation of events and the Movement Control Order.
“The Covid-19 pandemic has significantly affected the Malaysian economy and consequently the retail and hotel segments of the group.
“As such, the directors anticipate that the hotel segment will be adversely affected for the rest of the year,” it added. – May 5, 2020, Bernama
