Kuala Lumpur, 21 May 2009
YTL Corporation Berhad ("YTL Corp") today announced a 13.0% growth in revenue to RM5,349.0 million (US$1,511.0 mn, based on the prevailing exchange rate of US$1.00:RM3.54) for the nine months ended 31 March 2009, compared to RM4,731.7 million (US$1,336.6 mn) for the preceding corresponding period ended 31 March 2008.
Profit before taxation grew 14.3% to RM1,604.4 million (US$453.2 mn) for the first nine months of the financial year ending 30 June 2009, compared to RM1,403.5 million (US$396.5 mn) last year, whilst net profit jumped 27.7% to RM787.2 million (US$222.4 mn) this year over RM616.5 million (US$174.1 mn) for the same period last year.
YTL Group Managing Director Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, CBE, FICE, said, "The first nine months of the 2009 financial year saw the Group complete two significant acquisitions, both of which contributed to YTL Corp’s better financial performance during the quarter under review. We completed our acquisition of PowerSeraya in March 2009, consolidating one month’s performance this quarter, whilst in December 2008, we acquired 26% of Singapore’s Starhill Global REIT and 50% of the holding company of the REIT’s manager, resulting 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.
"Whilst our utilities division recorded a decrease in earnings owing to a drop in interest income as well as the translation differences arising from a weakening Sterling Pound, operational performance remained strong and will be enhanced by PowerSeraya’s addition to the Group. PowerSeraya has 3,100 MW of licensed capacity, comprising about 25% of Singapore’s total licensed generation capacity and, together with its complementary multi-utility business and strong position in the Singaporean energy market, will further broaden our utilities expertise and earnings base."
"Our cement division also registered strong growth, supported by increased overseas contributions. Going forward, the further diversification of our income streams into the Singaporean power and REIT industries will complement the Group’s utilities in the UK, Australia and Indonesia, cement businesses in China and Singapore and investments in high-end real estate in Singapore."
The Group's listed utilities division, YTL Power International Berhad, registered a 5.0% increase in revenue to RM3,256.6 million (US$920.0 mn) for the nine months ended 31 March 2009 compared to RM3,102.0 million (US$876.3 mn) last year, whilst profit before taxation stood at RM843.1 million (US$238.2 mn) this year over RM1,017.1 million (US$287.3 mn) during the same period last year.
The increase in revenue was due to the consolidation of one month's results from PowerSeraya Limited which YTL Power acquired during the quarter under review, whilst the decrease in profit was principally due to lower interest income. Fluctuating exchange rates applied in translation earnings from the Group's foreign subsidiaries have also had an impact on net profit. However, operational performance remains strong with the Group's foreign operations, including wholly-owned Wessex Water Limited in the UK, P.T. Jawa Power, a 35%-owned associate company in Indonesia, and now PowerSeraya in Singapore, continuing to turn in solid performances.
YTL Cement Berhad, the Group's listed cement division, achieved a 41.9% jump in revenue to RM1,436.8 million (US$405.9 mn) this year, compared to RM1,012.5 million (US$286.0 mn) for the previous corresponding nine months ended 31 March 2008. Profit before taxation grew to RM245.7 million (US$69.4 mn) for the nine months ended 31 March 2009, compared to RM210.1 million (US$59.4 mn) last year, whilst net profit grew 20.1% to RM169.0 million (US$47.7 mn) over RM140.8 million (US$39.8 mn) last year. The improvement was due mainly to overseas operations and better selling prices.
On the property development and investment front, Starhill Real Estate Investment Trust recorded revenue of RM82.4 million and income for the period of RM315.2 million (arising from a revaluation of investment properties during the period under review), whilst YTL Land & Development Berhad reported a fall in revenue to RM198.0 million and profit before taxation of RM4.7 million for the nine months ended 31 March 2009.
Rounding out the Group’s listed subsidiaries, YTL e-Solutions Berhad registered an increase in revenue to RM26.0 million and profit before taxation of RM5.7 million.
Shareholders Rewarded with Interim Dividends
YTL Power declared a 7.5% single tier 3rd interim dividend for the financial year ending 30 June 2009. Combined with the 1st and 2nd interim dividends and share dividend distribution made earlier this financial year, this 3rd interim dividend results in a gross dividend yield of 8.3% for YTL Power, for the financial year to date.
YTL Cement declared a 7.5% single tier 3rd interim dividend for the financial year ending 30 June 2009. Combined with the 1st and 2nd interim dividends paid earlier this financial year, this results in a gross dividend yield of 4.0% for YTL Cement, for the financial year to date.
The book closure and payment dates for the interim dividends of both YTL Power and YTL Cement are 30 June 2009 and 16 July 2009, respectively.