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Wednesday, August 20, 2008

YTL Corp nets lower profit in Q4

MALAYSIA'S largest builder and power group YTL Corp Bhd's net profit for its final quarter to June 30 2008 fell 35.5 per cent to RM231.5 million from RM359.4 million in the same period last year.

Revenue for the last three months of the accounting year did, however, improve by 9.2 per cent to RM1.88 billion from RM1.72 billion previously.

The group's net profit for the year just ended rose 11 per cent to RM847.9 million against RM762.4 million previously, helped by earnings at its utility and cement divisions.

Revenue climbed 10 per cent to RM6.62 billion from RM6 billion a year ago, driven by its overseas operations including the UK, Australia and Indonesia.

"The group after considering its current level of operations and the current market conditions, is expected to achieve satisfactory performance for the current financial year ending June 30, 2009," YTL announced to Bursa Malaysia yesterday.

Net profit of its units YTL Power International Bhd also fell by 11 per cent to RM1.03 billion due to an exceptional tax credit of RM132.9 million in the last quarter of 2007 financial year.

Revenue was up 6.7 per cent to RM1.38 billion, helped by better performance in all business segments including Wessex Water Limited in the UK and PT Jawa Power in Indonesia.

Meanwhile, YTL Cement Bhd reported a 21.3 per cent increase in profit to RM191.6 million against a revenue of RM1.46 billion for the year to June 30.

The YTL group has recommended an additional final gross dividend of five per cent for the year just ended.

"The strength of the year's performance has, in turn, enabled us to sustain our dividend payout levels, and the group expects to be able to continue to reward long-term shareholders with dividends for future years.

YTL Corp, for example, has paid dividends to its shareholders consecutively for 24 years and remains committed to its dividend policy," YTL group managing director Tan Sri Datuk Francis Yeoh Sock Ping said in a statement yesterday.

YTL Power and YTL Cement also recommended additional final gross dividends of 7.5 per cent and five per cent respectively for the year ended June 30.

By New Straits Times

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