Kuala Lumpur, Thursday 12 February 2015
YTL Corporation Berhad announced today revenue of RM8,705.6 million (US$2,438.6 mn) for the 6 months ended 31 December 2014, dropping from RM10,117.0 million (US$2,833.9 mn) for the preceding corresponding half-year ended 31 December 2013. Profit for the period stood at RM932.1 million (US$261.1 mn) for the first half of the financial year ending 30 June 2015, compared to RM1,353.3 million (US$379.1 mn) for the same period last year.
YTL Group Managing Director Tan Sri Datoí (Dr) Francis Yeoh Sock Ping, CBE, FICE, said, ďThe Groupís revenue of RM8.7 billion and profit of RM932 million for the first half the 2015 financial year remained satisfactory, particularly in view of the more challenging operating conditions in some of our key markets. Revenue growth for the 6 months under review was contributed mainly by our cement, hotel, management services and information technology divisions, offset by lower revenues in the utilities, construction and property segments.
ďIn our utilities division, our water and sewerage segment in the United Kingdom delivered another strong set of results, with good growth in revenue and profit. Our multi-utilities business in Singapore, however, continues to see the effects of the recent liberalisation initiatives being undertaken in the countryís energy markets to encourage greater competition, and we are pursuing a range of strategies to adapt to these changing conditions. Meanwhile, revenue in our cement division was bolstered by better performance in the concrete and quarry segments, coupled with the acquisition of a new subsidiary in Singapore, although intense competition in the domestic cement industry impacted the divisionís profit for the period.
ďWhilst we have begun to see increasing levels of competition in some segments of our key utilities and cement operations, the more challenging environment is well within a manageable range, and the Groupís core operations remain sound.Ē
YTL POWER INTERNATIONAL BERHAD
YTL Power Registers Half-Year Revenue of RM6.4 Billion (US$1.8 Billion)
Profit Stands at RM488 Million (US$137 Million)
YTL Power registered revenue of RM6,398.3 million (US$1,792.2 mn) for the 6 months ended 31 December 2014 compared to RM7,751.2 million (US$2,171.2 mn) for the preceding year corresponding period ended 31 December 2013, whilst profit for the period stood at RM487.6 million (US$136.6 mn) this year over RM490.8 million (US$137.5 mn) last year.
The Groupís water and sewerage division recorded increases in revenue and profit owing to better pricing allowed by the industryís economic regulator. In its power generation division, the Group saw a decrease in revenue resulting from the rescheduling of its generation programme requested by its buyer, but profit increased due to the absence of impairments on inventories and receivables during the half-year under review compared to the same period last year.
Meanwhile, revenue in the merchant multi-utilities business was impacted by lower units of electricity sold coupled with lower electricity prices arising from lower fuel oil prices, whilst the decrease in profit was due mainly to lower vesting non-fuel margins and volumes, as well as lower margins on retail contracts. The mobile broadband division was affected by lower contributions from project sales and higher unrealised foreign exchange losses.
YTL LAND & DEVELOPMENT BERHAD
YTL Land Achieves Half-Year Revenue of RM47 Million & Profit of RM6 Million
YTL Land registered revenue of RM47.5 million for the 6 months ended 31 December 2014, compared to RM145.8 million for the preceding year corresponding period ended 31 December 2013, whilst profit for the period stood at RM6.0 million this year compared to RM7.9 million last year. The latest phase in the Groupís Sentul development, The Fennel at Sentul East, contributed higher revenue for the 6 months under review. However, lower progress billings from the Capers project and the absence of sales of completed properties from the Groupís Singapore projects resulted in lower revenue and profit this year compared to the same period last year.
YTL E-SOLUTIONS BERHAD
YTL e-Solutions Registers Half-Year Revenue of RM44 Million & Profit of RM30 Million
YTL e-Solutions registered a 2.1% increase in revenue to RM44.4 million for the 6 months ended 31 December 2014 compared to RM43.5 million for the preceding year corresponding period ended 31 December 2013, whilst profit for the period increased to RM29.6 million this year over RM28.7 million last year, with the increase in profit arising mainly due to higher digital media advertising income and software development activities.
YTL HOSPITALITY REIT
YTL Hospitality REIT Registers Half-Year Revenue of RM216 Million
Distributable Income Stands at RM51 Million
Interim Distribution of 1.8697 Sen per Unit Declared
YTL Hospitality REIT registered revenue of RM215.5 million and net property income of RM104.8 million for the 6 months ended 31 December 2014, approximating revenue of RM217.3 million and net property income of RM104.8 million for the preceding year corresponding period ended 31 December 2013.
Profit before tax decreased by 22.7% to RM26.5 million for the half-year under review, compared to RM34.3 million for the same period last year, which included the reversal of an overprovision of depreciation charges of RM4.1 million on the Trustís Australian assets. The decrease in profit before tax for the half-year under review moderated to 12.2% compared to the adjusted profit before tax of RM30.2 million for the same period last year (after adjustment for depreciation charges on the Trustís Australian assets). The decrease in profit before tax in the current financial period was also due to higher interest expense arising from the interest rate hike in July 2014 and foreign exchange losses due to the weakening in the Australian Dollar and the Japanese Yen against the Malaysian Ringgit.
As a result, income available for distribution stood at RM51.1 million for the 6 months ended 31 December 2014 compared to RM55.8 million for the same period last year, a decrease of 8.4%, after adjustment for non-cash items.
The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.8697 sen per unit, the book closure and payment dates for which are 3 March 2015 and 24 March 2015, respectively. The Trustís income distribution for the quarter under review amounts to RM24.8 million, whilst the total cumulative income distribution paid and declared for the half-year ended 31 December 2014 is 3.7872 sen per unit, amounting to RM50.2 million, representing approximately 100% of the distributable income for the quarter under review and 98% of the total distributable income for the 6 months to date.