Thursday, November 25, 2010

YTL Corp 1Q earnings up 34.4% to RM278.9m

KUALA LUMPUR: YTL Corp Bhd reported a 34.3% increase in its earnings at RM278.9 million for the first quarter ended Sept 30 from RM207.5 million a year ago, boosted by the strong performance in its major operating companies.

It said on Thursday, Nov 25 that revenue rose 12% to RM4.4 billion from RM3.93 billion a year ago. Profit before taxation increased by 24.0% to RM623.8 million from RM503.2 million.

YTL POWER INTERNATIONAL BHD [] saw its earnings rise by 18.1% to RM272.9 million from RM231.1 million. Its revenue reported an 8.8% increase to RM3.48 billion mainly due to the better performance of its merchant multi-utility businesses. It declared a 7.5% interim single tier dividend.

YTL CEMENT BHD [] earnings rose 4.8% to RM72.6 million from RM69.3 million. Revenue rose 3.4% to RM463.0 million from RM447.6 million.'' It declared a 7.5% single tier first interim dividend.

'The improvements in financial performance were due mainly to consolidation of the Batu Tiga Quarry group of companies that YTL Cement acquired during the 2010 financial year,' it said.

However, YTL Land & Development Bhd reported a decline in revenue and profits for the first quarter ended Sept 30. Net profit decline to RM3.2 million from RM7/3 million while revenue fell to RM14 million from RM97.2 million.

'The decline was due to lower revenue and profit recognition from the property development and CONSTRUCTION [] segments,' it said.


Starhill Real Estate Investment Trust said revenue was RM8.2 million while income before tax was RM15.4 million.

'The decline was due to the proposed rationalisation exercise currently being undertaken by the Trust, the first stage of which involved the disposal of the Trust's retail PROPERTIES [], completed in June 2010. Starhill REIT is now focusing on the acquisition of new hotel properties and the repositioning of its portfolio as a hospitality REIT,' it said.

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