Kuala Lumpur, 20 August 2009
YTL Corporation Berhad ("YTL Corp") today announced a 36.6% growth in revenue to RM8,946.4 million (US$2,556.1 mn, based on the prevailing exchange rate of US$1.00:RM3.50) for the 12 months ended 30 June 2009, compared to RM6,549.9 million (US$1,871.4 mn) for the preceding corresponding period ended 30 June 2008.
Profit before taxation grew 26.1% to RM2,306.6 million (US$659.0 mn) for the financial year ended 30 June 2009, compared to RM1,829.8 million (US$522.8 mn) last year, whilst net profit grew 12.1% to RM863.1 million (US$246.6 mn) this year over RM769.8 million (US$219.9 mn) for the same period last year.
YTL Group Managing Director Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE, said, “Despite tough economic conditions and ongoing volatility, both locally and internationally, the Group achieved a strong set of results for the 2009 financial year, with two significant acquisitions in Singapore bolstering our utilities and property investment divisions.
“The addition of wholly-owned PowerSeraya to our utilities division in March 2009 enabled us to consolidate 4 months’ results for the 2009 financial year, whilst the acquisition of a 26.6% stake in Starhill Global REIT and 50% of the holding company of the REIT’s manager, resulted in an increase in profit due to the recognition of the fair value excess of the REIT’s identifiable assets and liabilities over the cost of the investment.
“The application of the FRS 112 accounting standard arising from the abolition of industrial building allowances affecting our Wessex Water subsidiary in the UK resulted in a one-off deferred tax charge of RM442.5 million being recognised by our utilities division. This resulted in a drop in net profit for the division but is not expected to have an immediate impact on cashflow. The Group’s utilities operations have been enhanced by the addition of PowerSeraya, which is Singapore’s 2nd largest generation company, with a licensed capacity of 3,100 MW and complementary multi-utility businesses.
“Meanwhile, our cement division also recorded another excellent year, achieving a 24.5% growth in net profit, as a result of increased contributions from the Group’s offshore cement businesses and stronger selling prices.”
The Group’s utilities division, YTL Power International Berhad (“YTL Power”), registered a 43.8% jump in revenue for the 12 months ended 30 June 2009 to RM6,101.9 million (US$1,743.4 mn), due principally to the consolidation of approximately 4 months’ results from PowerSeraya Limited (“PowerSeraya”). Profit before taxation stood at RM1,352.4 million (US$386.4 mn) for the 12 months ended 30 June 2009, with PowerSeraya contributing RM197.4 million (US$56.4 mn) in profit before tax.
YTL Power’s net profit stood at RM625.8 million (US$178.8 mn) for the 2009 financial year over RM1,038.8 million (US$296.8 mn) for the same period last year. The decrease in net profit resulted from a one-off deferred tax charge of RM442.5 million relating to Wessex Water Limited (“Wessex Water”), the Group’s wholly-owned subsidiary in the UK, following the abolition of industrial building allowances under the UK Finance Act 2008. The said one-off deferred tax charge does not have an immediate effect on the Group’s cashflow and was recognised in compliance with the application of Accounting Standard FRS 112 Income Taxes.
Nevertheless, operational performance remained robust for the 12 months ended 30 June 2009, with the Group’s utility businesses comprising the Paka and Pasir Gudang power stations in Malaysia, Wessex Water in the UK, P.T. Jawa Power (a 35%-owned associate company in Indonesia) and PowerSeraya in Singapore, continuing to turn in strong performances.
YTL Cement Berhad (“YTL Cement”), the Group’s listed cement division, achieved a 34.5% jump in revenue to RM1,972.8 million (US$563.7 mn) this year, compared to RM1,466.9 million (US$419.1 mn) for the previous corresponding 12 months ended 30 June 2008. Profit before taxation grew to RM362.7 million (US$103.6 mn) for the 12 months ended 30 June 2009, compared to RM290.0 million (US$82.9 mn) last year, whilst net profit grew 24.5% to RM240.5 million (US$68.7 mn) over RM193.2 million (US$55.21 mn) last year. The improvement was due mainly to overseas operations and better selling prices.
Meanwhile, YTL Land & Development Berhad reported a fall in revenue to RM279.4 million and profit before taxation of RM7.8 million for the 12 months ended 30 June 2009, whilst YTL e-Solutions Berhad recorded a 14.7% increase in revenue to RM36.8 million and profit before tax of RM7.1 million.
Shareholders Rewarded with Final Dividends
YTL Corp recommended for shareholders’ approval a first and final dividend of 15% less Malaysian income tax for the year ended 30 June 2009, and declared a share dividend distribution of 1 treasury share for every 50 ordinary shares of RM0.50 each held in YTL Corp as at 9 September 2009. The combined cash and share dividends result in a gross dividend yield of 3.0% for the 2009 financial year (based on the 5-day weighted average price of RM7.24 per share).
YTL Power recommended for shareholders’ approval a 3.75% single tier final dividend for the financial year ended 30 June 2009. Combined with the 3 interim dividends and share dividend distribution made earlier this financial year, this final dividend results in a gross dividend yield of 9.0% for YTL Power, for the 2009 financial year (based on the 5-day weighted average price of RM2.15 per share).
YTL Cement recommended for shareholders’ approval a 3.75% single tier final dividend for the financial year ended 30 June 2009. Combined with the 3 interim dividends paid earlier this financial year, this results in a gross dividend yield of 3.3% for YTL Cement, for the 2009 financial year (based on the 5-day weighted average price of RM4.37 per share).
The book closure and payment dates for the dividends of YTL Corp, YTL Power and YTL Cement will be determined and announced at a later date.
Also view full reports below:
YTL Corporation Berhad
YTL Power International Berhad
YTL Cement Berhad
YTL Land & Development Berhad
YTL e-Solutions Berhad