Tuesday, Sep 13, 2005
MARC has reaffirmed the rating of KLSSB’s tranches 2A, 2B, 3, 4A & 4B BaIDS totaling RM800 million at AID(s), reflecting the support provided by Bank Pembangunan & Infrastruktur Malaysia Berhad (BPIMB) by way of a standby revolving credit facility.
As at May 2005, the aggregate confirmed sales stood at RM854.5 million, of which RM91.9 million remained uncollected. For the first five month period ended 31 May 2005, KLSSB recorded revenue of RM75.9 million, mainly attributable to sales made from its Plaza Sentral II strata offices.
Unaudited loss before tax of RM7.0 million was recorded for the same period; an adverse performance as compared to last year’s profit position (2004: Profit RM2.0 million). The pre-tax result is still adversely affected by the high financing costs (related to the BaIDS facility).
From the sensitivity analysis, the FSCR position is expected to stay above the covenanted 1.25 times. Nevertheless, KLSSB’s cash flow is susceptible to future sales performance and, hence, may have an impact on the principal repayments of RM80 million and RM200 million in 2006 and 2007 respectively. The support from BPIMB is pivotal in ensuring the timely payment of the remaining BaIDS facility.
As at May 2005, the aggregate confirmed sales stood at RM854.5 million, of which RM91.9 million remained uncollected. For the first five month period ended 31 May 2005, KLSSB recorded revenue of RM75.9 million, mainly attributable to sales made from its Plaza Sentral II strata offices.
Unaudited loss before tax of RM7.0 million was recorded for the same period; an adverse performance as compared to last year’s profit position (2004: Profit RM2.0 million). The pre-tax result is still adversely affected by the high financing costs (related to the BaIDS facility).
From the sensitivity analysis, the FSCR position is expected to stay above the covenanted 1.25 times. Nevertheless, KLSSB’s cash flow is susceptible to future sales performance and, hence, may have an impact on the principal repayments of RM80 million and RM200 million in 2006 and 2007 respectively. The support from BPIMB is pivotal in ensuring the timely payment of the remaining BaIDS facility.