YTL Land & Development posts 51% increase in revenue for 1Q

KUALA LUMPUR: YTL Corporation Bhd’s wholly owned subsidiary YTL Land & Development Bhd today announced a 51% increase in revenue to RM97.2 million for the three months ending Sept 30, 2009 against the RM64.4 million in revenue recorded last year.

Profit before taxation increased to RM9.8 million this year compared with RM2.1 million in 2008 on the back of “overwhelming sales” of the newly completed units Waterville and Parkville, which are both under the company's Lake Edge project.

YTL Land & Development also saw revenue rise due to higher progress recognition from The Centrio, the latest phase of the group’s Pantai Hillpark development.

Meanwhile, YTL Corp’s subsidiary YTL Cement Bhd saw revenue for the first quarter of the financial year ending June 30, 2010 fall to RM447.6 million compared to RM459 million in the previous corresponding quarter.

YTL Cement’s profit before tax for the same period grew 4.6% to RM106.5 million compared to RM101.8 million a year earlier.

“The improvements in financial performance were due mainly to improved operational efficiencies and lower production costs for the period under review,” it said in a statement.

YTL Cement declared a 7.5% single tier first interim dividend for the financial year ending June 30, 2010.

Overall, YTL Corp posted a 126% growth in revenue to RM3.93 billion for the first quarter ended Sept 30, 2009, compared to RM1.74 billion in the same quarter last year.

This was on the back of the prevailing exchange rate of US$1 to RM4.3 for the three-month period.

Meanwhile, profit before taxation grew 59.5% to RM503.2 million for the quarter under review, compared with RM315.4 million last year, after adjusting for the fair value gain on investment properties recognised last year, which amounted to RM254.5 million.

“Looking at the year ahead, we expect our divisions to continue to operate steadily,” said YTL group managing director Tan Sri Dr Francis Yeoh Sock Ping.

“We also announced yesterday a rationalisation of the RM8 billion in hotel and retail assets currently under the Group’s control into global REIT portfolios.”

He added that the assets are presently owned by the group’s hotels division, Starhill REIT in Malaysia and Starhill Global REIT in Singapore.

“The rationalisation exercise is intended to streamline the operations of these entities, with Starhill REIT to be repositioned as a global hospitality REIT with new hotel and hospitality-related assets to be injected to increase its portfolio to an eventual size of RM1.6 billion,” he said.
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