YTL Corp records 120.4% growth in revenue in nine months of FY2010

KUALA LUMPUR: YTL Corp Bhd announced a 120.4% growth in revenue to RM11.786 billion for the nine months ended March 31, 2010, compared with RM5.349 billion for the preceding corresponding period ended March 31, 2009.

Profit before taxation grew 7% to RM1.715 billion in 1Q ended March 31, 2010, compared with RM1.604 million over the same period last year, which included recognition of the excess of fair value of an acquired associate’s identifiable assets, liabilities and contingent liabilities over the cost of investment amounting to RM372 million and fair-value gain on investment properties amounting to RM254.5 million.

“The 2010 financial year continues to be a record-setting year for the group, with revenue exceeding the RM10 billion mark for the first time in our history,” said YTL Group Managing Director Tan Sri Francis Yeoh Sock Ping in a statement on May 27.

The bulk of the increase came from the group’s most recent acquisition, PowerSeraya, a power generation and multi-utility provider in Singapore that has a 25% market share of the republic’s licensed power generation capacity.

In addition, all divisions continued to turn in strong performances, supported by improvements in operational efficiency and improved sales, driven primarily by its utilities and cement divisions.

“The group is also proceeding on schedule with the proposed rationalisation of its retail and hospitality assets via Starhill REIT. The initial stage of this exercise involves the disposal by the Trust of Starhill Gallery and the Lot 10 property to Starhill Global REIT in Singapore, for which we are seeking approval from unitholders in early June.

“This will enable Starhill REIT to rebrand itself as a pure-play hospitality REIT and concentrate on a single class of hospitality and hospitality-related assets, which we believe will enhance the Trust’s focus and performance,” Yeoh said.

YTL Land & Development reported a 5.6% increase in revenue to RM209 million for the nine months ended March 31, 2010, compared with RM198 million for the same period last year.

Profit before taxation grew to RM21.6 million this year over RM4.7 million last year, with the growth contributed mainly by The D6 commercial development under the Sentul project and The Centrio under the Pantai Hillpark project, as well as higher operating income receivable during the period under review.

Starhill Real Estate Investment Trust (REIT) achieved a marginal increase in revenue to RM83.2 million for the nine months ended March 31, 2010, compared with RM82.4 million for the previous corresponding period last year.

Realised income before tax for the period under review stood at RM60.3 million compared with RM60.8 million last year.