YTL Corp 1H net profit up 4.6pct to RM443.1m from RM423.7m yr ago

KUALA LUMPUR: YTL Corporation Bhd’s net profit after taxation and non-controlling interests rose 4.6% to RM443.1 million (US$145.3 million) in the first half ended Dec 31, 2010 from RM423.7 million
(US$138.9 million) a year ago, underpinned by the key utilities and
cement divisions.

YTL Corp said on Thursday, Feb 24 profit before taxation increased 8.5% to RM1.104 billion (US$362.2 million) compared to RM1.018 billion (US$333.7 million). The group recorded a 13.3% growth in revenue to RM8.90 billion (US$2.919 billion) for the 1H compared to RM7.857 billion (US$2.576
billion).

YTL group managing director Tan Sri Francis Yeoh Sock Ping said the growth over the 1H ended Dec 31, 2010 was driven primarily by strong performance in the key utilities and cement divisions.

“In other areas, the reorganisation of our property development and hotels businesses is ongoing and is intended, upon completion, to streamline the Group’s operations in those spaces.

“We also continue to see good development of our ‘YES’ 4G mobile internet with voice service, launched in November last year, and are focused on further developing our coverage network and range of devices,” he said.

Yeoh said YTL Corp also proposed a subdivision of every one existing 50 sen share into five 10 sen shares “to increase the affordability, liquidity and attractiveness of YTL Corp’s shares to potential
investors, as well as our existing shareholders”.

YTL Power International Bhd’s revenue rose 11.4% in 1H ended Dec 31, 2010 to RM7.061 billion (US$2.315 billion) on-year; profit before taxation increased by 11.3% to RM738.7 million (US$242.2 million). Net profit after taxation and non-controlling interests increased 10.5% to RM532.1 million (US$174.5 million) this year over RM481.4 million (US$157.8 million) a year ago.

YTL Cement’s 1H revenue rose 9.9% to RM1.023 billion (US$335.6 million) from RM931.2 million (US$305.3 million) a year ago. Net profit after taxation and non-controlling interests increased 22.8% to
RM154.4 million (US$50.6 million) from RM125.7 million (US$41.2 million) a year ago.

“The improvements in financial performance were due mainly to higher demand for cement in the construction industry and consolidation of the results of the Batu Tiga Quarry group of companies which YTL Cement acquired during the 2010 financial year,” it said.

However, YTL Land’s revenue fell to RM41.4 million in the 1H ended Dec 31, 2010 from RM181.4 million a year ago. Net profit after taxation and non-controlling interests was RM5.4 million over RM11.0 million
last year.

“The decline was due to lower revenue and profit recognition from the property development and construction segments and changes in the timing of launches of new projects,” it said.

Meanwhile, YTL e-Solutions recorded a 31.7% growth in revenue to RM29.9 million for the 1H ended Dec 31, 2010 and net profit after taxation and non-controlling interests of RM8.9 million, up 90.8% over RM4.7 million a year ago.