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Friday, November 26, 2010

YTL's Q1 net profit jumps to RM279m

YTL Corp Bhd's first-quarter net profit for the period ended September 30 2010 jumped by 34.4 per cent to RM278.9 million over RM207.5 million recorded last year.

Revenue for the first three months of the year ending June 30 2011 improved by 12.1 per cent to RM4.4 billion compared with RM3.93 billion previously.

The group told Bursa Malaysia yesterday that the increases in revenue and profit were substantially due to better performance in its multi-utilities business segment and higher recognition from its offshore property development projects.

In a statement, YTL group managing director Tan Sri Francis Yeoh said it had made a strong start to the current financial year.
"We expect the rest of the year to be promising," he said.

Yeoh said the launch of the Yes 4G mobile Internet service with voice last week and creation of its ecosystem were geared towards spawning further innovation and investment.

On other fronts, he said the group had earlier this week announced the restructuring of its property development businesses.

The restructuring was part of a wider ongoing rationalisation exercise to reorganise YTL's property, retail and hotel assets, and house them within the relevant business divisions.

This started last year with the repositioning of Starhill REIT in Malaysia as a global hospitality REIT, involving the disposal of the trust's retail assets to Starhill Global REIT in Singapore, which was completed in June 2010.

"Starhill REIT will now focus fully on hotel and other hospitality-related assets, both in Malaysia and abroad, whie the concentration of our property development assets under one umbrella is targeted at transforming the division into an international property developer," he said.

By Business Times

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