KLCC Property Posts Fourth-Quarter Loss on Impairment
By Chester Tay
KLCC Property Holdings Bhd. swung to a net loss in the fourth quarter due to impairments over its investment property under construction, after accounting for the current economic condition and project delays.
Net loss was 41.8 million ringgit ($10.3 million), while revenue dropped 17% from a year earlier to MYR304.7 million, the real-estate group said Wednesday.
For the full year, KLCC’s net profit slumped 45% to MYR432.2 million and revenue declined 13% to MYR1.24 billion.
The company said it expects another challenging year due to the continuing Covid-19 pandemic.
The border closure and cautious spending by consumers are likely to weigh on the group’s hotel and retail-mall performances, it said.
Write to Chester Tay at email@example.com
(END) Dow Jones Newswires
January 27, 2021 01:25 ET (06:25 GMT)
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Dow Jones – KLCC Property Posts Fourth-Quarter Loss on Impairment