Friday, February 11, 2011

KrisAssets says Mid Valley Megamall market value RM1.92b

KUALA LUMPUR:'' The Mid Valley Megamall, which is owned by KRISASSETS HOLDINGS BHD []'s unit Mid Valley Megamall, has a market value of RM1.92 billion as at Dec 31, 2010 following a revaluation. The company said on Feb 11, 2011, this was a 3.78% increase over the RM1.85 billion when it was revalued on Sept 30.

KrisAssets said the net surplus of RM52.5 million (deferred tax at 25%) was recognised in statement of comprehensive income of KrisAssets group for the three months ended Dec 31, 2010.

'The total net surplus for the financial year ended Dec 31, 2010 is RM90 million, an increase of 6.67% compared with the preceding year. Based on the ordinary share capital and treasury shares as at Dec 31, 2010, the consolidated net assets per share of KrisAssets is RM3.52 per share,' it said.

It announced for the quarter ended Dec 31, 2010, the company recorded a 5.4% increase in revenue to RM61.79 million from RM58.63 million mainly due to higher total rental income.

Net profit rose 61.7% to RM80.11 million from RM49.54 million. It proposed a dividend of 7.5 sen a share, similar to a year ago.

Pre-tax profit rose 72.6% to RM107.4 million compared with RM62.2 million a year ago. This was mainly due to recognition of revaluation surplus of RM70 million as fair value gain on investment property in the current quarter compared with RM30 million in the corresponding quarter in 2009.

'Excluding the fair value gains on investment property, the group recorded pre-tax profit of RM37.4 million, representing 16.15% increase, compared with pre-tax profit of RM32.2 million in the corresponding period in 2009. This was mainly due to higher total rental income and lower maintenance and utility costs in the current quarter,' it said.

For the financial year ended Dec 31, 2010, earnings rose 47% to RM200.01 million from RM136.02 million while revenue increased by 5% to RM239.39 million from RM227.88 million.

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