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YTL Corp Half-Year Profit Jumps 24% to RM688 Million (US$212 Million)

Kuala Lumpur, 22 February 2008

 

YTL Corporation Berhad (“YTL Corp”) today announced net profit of RM688.4 million (US$212.5 mil, based on the prevailing exchange rate of US$1.00:RM3.24) for the first six months of the financial year ending 30 June 2008,  on the back of a 10.3% growth in revenue to RM3,098.0 million (US$956.2 mil), compared to RM2,808.1 million (US$866.7 mil) for the previous corresponding period ended 31 December 2006.

 

YTL Group Managing Director Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, commenting on the half-year results, said, “I am pleased with the Group’s results for the first six months of the 2008 financial year. The utilities division posted solid profit growth of 8.5%, and the cement division has made significant strides in implementing our regional expansion strategy, completing the acquisition of Zhejiang Lin’an Jin Yuan Cement Co. Ltd. in China, the largest cement manufacturer in Lin’an and one of the top 5 cement suppliers in the Hangzhou market, during the quarter under review.

 

“The Group’s focus on international investment opportunities correlated with our core competencies continues to enable us to diversify our revenue base, whilst concurrently mitigating geographical and single-industry risks. We expect ongoing improvements in technical efficiency levels will also be integral in controlling the impact of rising costs as the year progresses.”

 

The Group’s listed utilities arm, YTL Power International Berhad (“YTL Power”), reported net profit of RM480.6 million (US$148.3 mil) for the 6 months ended 31 December 2007, an 8.5% increase over RM442.8 million (US$136.7 mil) for the same period last year, whilst revenue increased 5.5% to RM2,041.5 million (US$630.1 mil). The increases were due to better performance in all businesses, including wholly-owned Wessex Water Limited, one of the most efficient water and sewerage providers in the UK, power stations in Paka and Pasir Gudang, and P.T. Jawa Power, a 35%-owned associate company in Indonesia, the owner of a 1,220 MW power station in East Java. 

 

Meanwhile, YTL Cement Berhad (“YTL Cement”), the Group’s listed cement division, achieved a 38.9% increase in net profit to RM104.2 million (US$32.2 mil) for the 6 months ended 31 December 2007, compared to RM75.0 million (US$23.2 mil) for the previous corresponding 6 months ended 31 December 2006.  Revenue grew 16.7% to RM636.8 million (US$196.5 mil) this year, compared to RM545.8 million (US$168.5 mil) last year. The growth in revenue and profit arose mainly from higher demand for cement in the construction industry, improved operational efficiencies and better selling prices during the period.

 

YTL Land & Development Berhad recorded a 46.4% increase in net profit to RM8.45 million for the 6 months ended 31 December 2007, on the back of a 242.4% increase in revenue to RM174.8 million, contributed mainly by new phases under development, namely The Centrio at Pantai Hillpark and The Saffron in Sentul. 

 

Rounding out the Group’s listed subsidiaries, YTL e-Solutions Berhad reported net profit of RM2.31 million for the 6 months ended 31 December 2007, a decrease of 7.5% compared to the same period last year, due to higher operating expenses. Revenue, however, increased 16.9% to RM14.2 million for the period under review due to higher demand for the Group’s products and services, and consolidation of newly-acquired subsidiaries.

 

 

Shareholders Rewarded with Interim Dividends

 

YTL Corp declared a 2nd interim dividend of 15% per share, less Malaysian income tax.  The book closure date for the interim dividend is 10 March 2008, whilst the payment date is 24 March 2008.

 

YTL Power declared a 1st interim dividend of 7.5% per share, exempt from Malaysian income tax. The book closure date for the interim dividend is 10 March 2008, whilst the payment date is 24 March 2008.

 

YTL Cement declared a 1st interim dividend of 20% per share, less Malaysian income tax.  The book closure date for the interim dividend is 10 March 2008, whilst the payment date is 24 March 2008.

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Numismatist herpetology ellipsometry, osmology lf epigone. Repawn millman.

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