Friday August 26, 2011
Cement business, offshore property development shine
PETALING JAYA: YTL Corp Bhd, whose interests range from construction and property to information and communications technology solutions, posted a 196.79% surge in net profit to RM304.01mil for the fourth quarter ended June 30 compared with the corresponding quarter a year ago.
This was achieved on better performance of its cement business and offshore property development activities.
Revenue for the quarter was 14.94% higher at RM5.42bil compared with the same quarter a year ago. For the full year, the company's net profit rose 23.62% to RM1.06bil on revenue that gained 12.51% to RM18.57bil.
Yeoh: ‘The group’s reorganisation is now pending completion.’
Group managing director Tan Sri Francis Yeoh Sock Ping said in a statement that net profit and revenue was primarily driven by the power generation, water and cement operations as well as overseas property development projects.
“In July this year, we entered into an agreement with Japan's Marubeni Corp, a key player in the international utilities market, with a view of enabling Marubeni to co-invest with us via the holding company for the group's 35% equity investment in PT Jawa Power, which owns a 1,220MW power station in Indonesia,” he said.
Yeoh added that the partnership formed the basis of cooperation on potential investments and future opportunities in the global utilities industry.
“During the year under review, we continued to make progress on the reorganisation of the group's property development assets and companies which was approved by shareholders this month and is now pending completion,” he said.
Yeoh said the reorganisation would streamline operations by housing the group's property development assets and projects within the same division to leverage on operational and developmental efficiencies and synergies.
YTL Cement Bhd posted a 19.08% rise in net profit to RM80.10mil and a 28.52% gain in revenue to RM635.04mil for the fourth quarter ended June 30 compared with the same period a year ago on higher demand from the construction industry as well as improved performance of overseas operations.
YTL Power International Bhd posted a 1.41% decline in net profit to RM451.56mil on a 13.62% rise in revenue of RM4.26bil mainly from contributions from foreign operations including in power generation, water and sewerage services as well as merchant multi-utility businesses and communications.
YTL Land and Development Bhd posted a 154.36% jump in net profit to RM9.76mil owing to higher other operating income and lower operating expenses.
However, revenue tumbled 76.59% to RM8.80mil on lower revenue recognition from both construction and property development segments due to completion of certain projects during the period under review and the timing difference of new project launches.
YTL E-Solutions Bhd's net profit advanced 98.69% to RM6.89mil mainly due to higher fee income earned from WiMAX spectrum on a 135.45% jump in revenue to RM22.44mil.
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