(4677) YTL Corp Q4 net profit up slightly to RM281.65m

BETTER PERFORMANCE: For the full year, group net earnings rose 9.8pc to RM1.14 billion and revenue was 11.4pc higher


YTL Corp Bhd's net profit for the fourth quarter ended June 30 2012 rose marginally to RM281.65 million from RM279.43 million recorded in the previous corresponding period.

Revenue in the final quarter increased 2.34 per cent to RM5.33 billion from RM5.21 billion previously.

For the full year, group net profit was up 9.77 per cent to RM1.14 billion from RM1.03 billion a year ago.

Revenue, meanwhile, rose 11.35 per cent to RM20.44 billion from RM18.35 billion in the year ended June 30 2011.

YTL group managing director Tan Sri Dr Francis Yeoh attributed the growth to its multi-utilities and cement operations as well as its property development.

During the year, YTL also rationalised its real estate investment trusts (REITs) into Starhill REIT in Malaysia to focus on hotel and hospitality-related assets and Starhill Global REIT in Singapore which will focus on retail and office properties.

"Both REITs registered solid performances for the year and remain on the lookout for further growth and asset-enhancement opportunities," Yeoh said in a statement.

He added that shareholders will also benefit from the proposed renounceable offer for sale by YTL Corp of its warrants in YTL Power. Once implemented, the offer for sale of warrants is expected to boost YTL Corp's yield by 9.1 per cent per share.

Meanwhile, YTL Power International Bhd's fourth quarter net profit slipped 17.9 per cent to RM407.11 million.

It posted a revenue of RM4.16 billion in the April 1 2012 to June 30 2012 quarter, compared to higher revenue of RM4.27 million in the previous corresponding period.

For the full year, YTL Power recorded a net profit of RM1.23 billion, nine per cent lower than last year when it achieved RM1.36 billion.

However, revenue was higher for the year ended June 30 2012 at RM15.88 billion, due to a better performance across the board.

The decline was attributed to a higher depreciation changed in the contracted power generation segment and lower margins due to higher fuel prices in the group's merchant multi-utilities. Also contributing to this was a higher finance and operating costs arising from inflationary pressures in the water and sewerage business.

YTL Yes mobile broadband division continued to grow its subscriber base, helping to mitigate losses from network implementation costs.

The group's established multi-utility businesses, comprising power generation and power transmission in Malaysia, Singapore, Indonesia and Australia, and water and sewerage services in the UK and merchant multi-utility businesses in Singapore, continued to perform steadily during the quarter under review.

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