YTL Corp profit jumps 41%

  • Business
  • Wednesday, 21 May 2014

PETALING JAYA: Construction conglomerate YTL Corp Bhd saw its profit increased 40.5% to RM1.93bil for the nine months ended March 31, 2014 from RM1.37bil in the previous corresponding period on better performances from its cement, property development and investment and hotel divisions.

The group, hence, declared an interim dividend of 10%, or one sen per ordinary share of 10 sen.

Despite strong growth in its group profit, YTL’s revenue declined a marginal 1.9% to RM14.66bil during the period under review from RM14.95bil due to decreases in its construction and utility divisions.

“Our cement, property development and investment and hotel divisions all registered stronger revenues, offsetting decreases in our construction and utilities divisions,” YTL group managing director Tan Sri Dr Francis Yeoh said in a statement.

Yeoh pointed out that the group’s higher profit for the nine months under review was due primarily to better performances of the concrete and quarry businesses in its cement division; contributions from the uniquely-styled Fennel and Capers condominium developments in its Sentul urban regeneration project, and consolidation of results from Starhill Global REIT in Singapore, which owns prime retail properties across Singapore, Malaysia, Australia and Japan.

“In addition, better performance in the water and sewerage, mobile broadband and power generation sub-segments of our utilities division also bolstered profit for the nine months under review,” he added.

For the nine months to March 2014, YTL Power International Bhd’s profit fell 1.2% to RM752.3mil from RM761.6mil previously, while revenue fell 7.4% to RM11.05bil from RM11.93bil.

YTL Land and Development Bhd’s revenue more than doubled to RM239.4mil for the nine months in review, compared to RM113.9mil in the previous corresponding period, while its profit increased to RM20mil from RM11.6mil previously.

YTL Hospitality REIT’s revenue rose 68.9% to RM324.6mil, while net property income increased 16.9% to RM157.7mil.

YTL e-Solutions Bhd, meanwhile, registered a marginal 0.2% decrease in revenue to RM65.1mil, while profit fell 6.4% to RM42.5mil.

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