YTL Corp 3Q profit falls 20.5%; 9M profit up 10.6%

Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Thursday, 23 May 2013 19:45
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KUALA LUMPUR (May 23): YTL CORPORATION BHD [] said it posted
a net profit of RM289.8 million for the third quarter to end-March 2013,
which was a fall of 20.5% year-on-year from RM364.8 million.
Basic earnings per share fell to 2.80 sen from 3.85 sen.
Revenue for the quarter was also lower, at RM4.75 billion compared to
RM5.24 billion in previous similar quarter.
But for the nine months to March 2013, net profit attributable to
shareholders increased 10.6% to RM944.2 million over RM854.0 million
for the same period last year.
Revenue for the nine months to March totalled RM14.9 billion, a
marginal decrease compared to RM15.1 billion for the preceding
corresponding nine months ended March 31, 2012.
Calling the results “another sound quarter”, YTL group managing
director Tan Sri Francis Yeoh Sock Ping said in a statement lower
revenue was due mainly to the completion of property development
projects in Singapore and more competitive pricing in the cement
industry.
But at the same time, revenue increased in the hotels and utilities
divisions, plant operation and maintenance (O&M) business.
The increase in net profit for the nine-month period, he said, was contributed mainly by the group’s hotels and power station
O&M operations and an increase in share of profits from associated companies.
The group’s utilities division remains the largest contributor.
“During the quarter under review, lower sales in our merchant multi-utilities in Singapore and higher provisions for depreciation
in the power generation segment impacted performance but this was offset by better performance by water and sewerage
operations under Wessex Water in the UK,” said a press statement from YTL.
On its listed subsidiaries, YTL Corp said YTL POWER INTERNATIONAL BHD []’s revenue grew by 1.9% to RM11.9 billion
for the nine months ended 31 March 2013 compared to RM11.7 billion for the same period last year.
Its net profit stood at RM765.1 million for the 3rd quarter of the current financial year ending 30 June 2013, compared to
RM822.8 million for the same period last year.
YTL Land and Development Bhd’s revenue stood at RM113.9 million for the nine months ended 31 March 2013, compared to
RM446.2 million for the same period last year, whilst net profit was RM7.4 million for the third quarter over RM19.1 million for
the same period last year.
YTL E-SOLUTIONS BHD [] registered an increase in revenue to RM65.3 million for the nine months ended 31 March 2013
compared to RM63.7 million, whilst net profit increased 4.5% to RM28.2 million for the third quarter over RM26.9 million for
the same period last year.
Starhill REIT achieved revenue of RM192.2 million for the nine months ended 31 March 2013, compared to RM52.9 million for
the previous corresponding period, whilst realised income stood at RM76.6 million for the third quarter, a marginal decrease
over RM78.2 million for the same period last year.