Kuala Lumpur, 20 November 2008†
YTL Corporation Berhad (ďYTL CorpĒ) today announced profit after taxation of RM468.4 million (US$130.1 mil, based on the prevailing exchange rate of US$1.00:RM3.60) for the first quarter of the financial year ending 30 June 2009, an increase of 30.1% over the same period last year, on the back of a 9.9% growth in revenue to RM1,739.2 million (US$483.1 mil), compared to RM1,582.9 million (US$439.7 mil) for the previous corresponding period ended 30 September 2007.
Commenting on the quarterís results, YTL Group Managing Director Tan Sri Datoí (Dr) Francis Yeoh Sock Ping, CBE, FICE, said, ďThe Group achieved a strong start to the year, with our cement division achieving an excellent set of results. Our power division registered a decrease in earnings due principally to the provision for a one-off tax payment to the Government and foreign currency translation differences during the quarter but the divisionís operational performance remained strong and our utilities are expected to continue to perform well for the duration of the financial year.
ďThe Groupís latest venture in Singapore, the proposed acquisitions of 26% of Macquarie Prime Real Estate Investment Trust (MP REIT) and 50% of the holding company of the manager of MP REIT, represents another exciting new avenue for us to further expand our branding and presence in global markets. The Groupís foreign operations continue to take the lead in growing our revenues and profits, and the proposed acquisitions are well in line with this trend, complementing our existing utilities in the UK, Australia and Indonesia, cement operations in Singapore and China and high-end real estate in Singapore.Ē
The Groupís listed utilities division, YTL Power International Berhad, reported profit after taxation of RM180.4 million (US$50.1 mil) for the 3 months ended 30 September 2008, a decrease from RM235.1 million (US$65.3 mil) during the same period last year, although revenue increased marginally to RM1, 049.3 million (US$291.5 mil) compared to RM1,038.3 million (US$288.4 mil) last year.
The decrease in profit was principally due to provision for a one-off tax payment to the Malaysian Government by YTL Power Generation Sdn Bhd, a wholly-owned subsidiary of the Group and an independent power producer which operates power stations in Paka and Pasir Gudang, as well as lower exchange rates applied in translating the earnings of the Groupís foreign subsidiaries. The divisionís foreign operations, including wholly owned Wessex Water Limited, one of the most efficient water and sewerage providers in the UK, and P.T. Jawa Power, a 35%-owned associate company in Indonesia, the owner of a 1,220 MW power station in East Java, continued to perform well during the quarter.†
The Groupís listed cement division, YTL Cement Berhad, achieved a 36.4% increase in profit after taxation to RM76.5 million (US$21.2 mil) for the quarter ended 30 September 2008, compared to RM56.1 million (US$15.6 mil) for the previous corresponding quarter ended 30 September 2007.†
Revenue grew 42.9% to RM459.0 million (US$127.5 mil) this year, compared to RM321.3 million (US$89.2 mil) last year. The growth in revenue and profit was due substantially to overseas operations, improved production efficiencies and better selling prices.
On the property investment and development front, Starhill Real Estate Investment Trust, the Groupís listed REIT, recorded growth in income after taxation to RM275.0 million, and revenue to RM27.9 million. Included in income after taxation was a revaluation surplus of RM254.36 million required to be made under fair value accounting standards. This arose from the revaluation of the REITís properties during the quarter, namely, Lot 10, Starhill Gallery and the JW Marriott Hotel Kuala Lumpur.
In addition, the increases in Starhill REITís revenue and income were contributed mainly by increases in service charge rates, higher rentals received from the renewal of existing tenancies and the commencement of new tenancies at Starhill Gallery and Lot 10. Meanwhile, the Groupís listed property development division, YTL Land & Development Berhad, reported profit after taxation of RM1.15 million for the quarter under review.
Rounding out the Groupís listed subsidiaries, YTL e-Solutions Berhad, the Groupís information technology division, reported an 81.2% jump in profit after taxation to RM2.18 million on the back of a 35.2% increase in revenue to RM9.46 million for the first quarter ended 30 September 2008.
Shareholders Rewarded with Interim Dividends
†YTL Power declared a first interim dividend for the financial year ending 30 June 2009, comprising a 6% gross dividend less Malaysian income tax and a 3% single tier dividend. The book closure date for this interim dividend is 5 January 2009 and the payment date is 20 January 2009.†
YTL Cement declared a first interim dividend for the financial year ending 30 June 2009, comprising a 3% gross dividend less Malaysian income tax and a 7% single tier dividend. The book closure date for the interim dividend is 5 January 2009 and the payment date is 20 January 2009.