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Saturday, February 23, 2008

YTL posts Q2 profit of RM189mil

It declares interim dividend of 15% per share

KUALA LUMPUR: YTL Corp Bhd registered RM189.33mil in net profit for the second quarter ended Dec 31, which was about 24% higher than the RM152.98mil posted a year earlier.

Revenue grew 7% to RM1.52bil from RM1.42bil. Earnings per share improved to 12.61 sen from 10.44 sen.

For the first half year to Dec 31, the group achieved RM413.94mil in net profit on 10.3% growth in revenue to RM3.1bil.

YTL Corp also declared a second interim dividend of 15% per share.

Group managing director Tan Sri Francis Yeoh said the utilities division posted solid profit growth while the cement division had made significant strides in implementing its regional expansion strategy.

The latter completed the acquisition of Zhejiang Lin’an Jin Yuan Cement Co Ltd in China 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,” Yeoh said in a statement posted on the group’s website yesterday.

Its utilities arm YTL Power International Bhd reported net profit of RM245.54mil for the second quarter ended Dec 31, an increase of almost 11% from RM222.23mil in the previous corresponding quarter.

Revenue inched up to RM1bil from RM976.6mil.

The increases were due to better performance in all businesses, including wholly-owned Britain-based Wessex Water Ltd, power stations in Paka and Pasir Gudang, and PT Jawa Power, a 35%-owned associate company in Indonesia.

YTL Power declared a first interim dividend of 7.5% per share.

YTL Cement Bhd’s net profit rose almost 30% to RM43.84mil for the three months ended Dec 31 from RM34.01mil in the previous corresponding period.

Revenue increased to RM315.54mil from RM261.92mil previously.

The company said the growth in revenue and profit was mainly due to higher demand for cement in the construction industry, improved operational efficiencies and better selling prices during the period.

YTL Cement also declared a first interim dividend of 20% per share.

The group’s property unit YTL Land & Development Bhd recorded net profit of RM4.35mil between October and December last year, up 53% from RM2.83mil previously.

It chalked up sales of RM89.59mil for the quarter under review, compared with RM27.05mil year-on-year, contributed mainly by new phases under development, namely The Centrio at Pantai Hillpark and The Saffron in Sentul.

YTL E-Solutions Bhd’s net profit for the second quarter ended Dec 31 grew 15.87% to RM1.33mil from RM1.15mil previously.

Revenue expanded 20% to RM7.25mil for the quarter under review from RM6.04mil.

By The Star

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