KUALA LUMPUR: HLG Research said KLCC PROPERTIES [] Bhd's first quarter results for the period ended June 30, 2010 were inline with consensus and its estimates.
It said on Monday, Aug 30 that et profit rose 5.5% on-year due to improved occupancy rates for both the retail mall and the Mandarin Oriental Hotel. No dividends declared.
Revenue was up 4% on-year due to 4% rise in property investment income. Hotel revenue also had a 3% on-year improvement, attributed by management to improved occupancy rates.
'No change to our forecast of RM919 million'' for the top-line and RM270 million net profit.'' In the absence of major catalysts, we maintain our RNAV-based target price of RM3.20 per share and HOLD rating,' it said.
It said on Monday, Aug 30 that et profit rose 5.5% on-year due to improved occupancy rates for both the retail mall and the Mandarin Oriental Hotel. No dividends declared.
Revenue was up 4% on-year due to 4% rise in property investment income. Hotel revenue also had a 3% on-year improvement, attributed by management to improved occupancy rates.
'No change to our forecast of RM919 million'' for the top-line and RM270 million net profit.'' In the absence of major catalysts, we maintain our RNAV-based target price of RM3.20 per share and HOLD rating,' it said.
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