YTL Corp Q2 earnings advance 10.6%

PETALING JAYA: YTL Corp Bhd added 10.56% in net profit to RM262.46mil in the second quarter for the period ended Dec 31, 2012, from RM237.38mil, contributed mainly by its property investment and development, and hotel divisions.

However, revenue for the quarter under review fell 3.8% to RM5.123bil from RM5.325bil in the previous corresponding quarter.

In its filing to Bursa Malaysia, YTL Corp said revenue for the quarter for the construction division fell to RM57.8mil from the RM73.9mil recorded in the corresponding quarter in the preceding year. Pre-tax loss for the quarter was RM1.3mil compared to a pre-tax profit of RM15.5mil in the previous year. The decrease in both revenue and pre-tax profit was mainly due to the lower recognition of the percentage of work done by the group's foreign subsidiary, YTL Construction(S) Pte Ltd.

Meanwhile, in its information technology and e-commerce-related business, revenue for the quarter increased to RM1.9mil from RM500,000 a year ago. Pre-tax profit, however, fell to RM1.3mil from RM1.5mil posted in the period last year. The increase in revenue was attributed to higher digital media advertising income.

In the cement manufacturing and trading segment, revenue for the quarter fell to RM613.8mil and pre-tax profit decreased to RM117mil, on the back of lower selling prices.

YTL Corp's property investment and development division posted a lower revenue to RM187.8mil for the quarter from RM314.3mil in the previous year.

However, pre-tax profit gained 67% to RM106.7mil.

The group said the decrease in revenue was mainly due to lower revenue recognition recorded on the development projects undertaken by the offshore subsidiaries, while the improvement in pre-tax profit was contributed by its associate, Starhill Global Real Estate Investment Trust.

Under its management services and others division, revenue for the quarter under review fell to RM113.9mil while pre-tax loss decreased to RM3.8mil from a year ago.