YTL Corp. net profit more than doubles

PETALING JAYA: YTL Corp Bhd's net profit more than doubled to RM484.4mil for the third quarter ended March 31 from the RM202.5mil it posted in the previous corresponding period.

In a statement to Bursa Malaysia yesterday, the group attributed the increase to the fair value gain on investment properties.

It also attributed the performance to the recognition of the excess of fair value of a newly acquired associate's identifiable assets, liabilities and contingent liabilities over the cost of investment.

YTL Corp recorded revenue of RM1.99bil, up 21.5% against the RM1.6bil a year ago, due to the consolidation of the newly acquired PowerSeraya in Singapore by YTL Power International Bhd.

Earnings per share was 31.8 sen compared with 13.48 sen in the previous corresponding period.

The group, however, did not propose any dividend for the quarter under review compared with 7.5 sen dividend per share previously.

Group managing director Tan Sri Francis Yeoh said in a statement that the utilities division recorded lower earnings due to a drop in interest income as well as the translation differences arising from a weakening pound.

However, he said, the division's operational performance remained strong and would be enhanced by PowerSeraya's addition to the group.

“Our cement division also registered strong growth, supported by increased overseas contributions.

“Going forward, the further diversification of our income streams into the Singapore power and real estate investment trust industries will complement the group's utilities in Britain , Australia and Indonesia ; cement businesses in China and Singapore ; and investments in high-end real estate in Singapore ,” he said.

Considering its current level of operations and market condition, YTL Corp expected to achieve satisfactory performance for the financial year ending June 30.