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YTL Corp net jumps 32pc

BTimes, May 23, 2008

By Zuraimi Abdullah

CONGLOMERATE YTL Corp Bhd's net profit rose 32 per cent to RM1.07 billion in the nine months ended March 31 2008 on strong overseas operations, especially in the UK and Indonesia.

Revenue grew 10.4 per cent to RM4.73 billion from RM4.28 billion in the same period last year, the company said in a statement yesterday.

YTL group managing director Tan Sri Francis Yeoh said the utilities and cement divisions continued to post solid growth.

Existing global market conditions necessitated more concerted efforts by the group to further improve operational efficiencies and control rising costs, he added.

The group's listed utilities arm, YTL Power International Bhd, made a net profit of RM758.2 million, a marginal rise from RM748.5 million in the first nine months of last year. Revenue rose RM201.5 million to RM3.1 billion.

The increases were due to better performance from the likes of Wessex Water Ltd and PT Jawa Power, a 35 per cent associate company in Indonesia. Jawa Power is the owner of a 1,220-megawatt power station in East Java.

YTL Cement Bhd's net profit jumped 30.9 per cent to RM157.9 million, while its revenue rose 21.4 per cent to RM1.01 billion.

The growth in both profit and revenue was largely due to higher demand for cement in the construction industry, improved operational efficiencies and better selling prices.

YTL Corp has declared a third interim dividend of 15 per cent per share; YTL Power, a second interim dividend of 7.5 per cent per share while YTL Cement was to give a second interim dividend of 10 per cent per share.

The group's property investment and development unit, Starhill Real Estate Investment Trust, recorded a distributable income of RM60.8 million, 14 per cent more than the RM53.4 million in the previous nine months.

Property unit YTL Land & Development Bhd's net profit increased marginally to RM11.25 million on revenue of RM250.89 million. Technology incubator YTL E-Solutions Bhd's net profit, meanwhile, eased 5.4 per cent to RM3.07 million on revenue of RM23.73 million.

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