Highlight: YTL Corp 1H profit rises 42% y-o-y to RM1.35b

Highlight: YTL Corp 1H profit rises 42% y-o-y to RM1.35b
Written by Chong Jin Hun of theedgemalaysia.com
Thursday, 20 February 2014 17:01

KUALA LUMPUR (Feb 20): YTL Corp Bhd reported a 42% rise in first-half profit from a year earlier, helped by the group's utilities and cement operations.

In a statement today, YTL group managing director Tan Sri Dr Francis Yeoh Sock Ping said profit rose to RM1.35 billion in the first half ended December 31, 2013 (1HFY14) from RM950 million. Revenue however fell to RM10.12 billion from RM10.19 billion.

“The group registered a strong performance for the first half of the 2014 financial year. Revenue remained satisfactory, topping the RM10 billion mark, whilst profit for the period soared just over 42% to RM1.35 billion, anchored by our utilities and cement operations.

“Although our utilities division saw a decrease in revenue owing to lower fuel oil trading volumes, as well as lower units and prices of electricity sold, this was offset by better pricing as allowed by the industry’s economic regulator in our UK water and sewerage division, and lower losses recorded by our mobile broadband network division as the network continues to expand in terms of both coverage and subscriber base," Yeoh said.

According to Yeoh, a fair value gain in the group's Singapore-listed Starhill Global REIT’s investment properties had also contributed to the YTL group’s performance.

YTL's statement did not include YTL Corp's 2QFY14 financials.

Meanwhile, Yeoh said YTL Corp's 50.51% subsidiary YTL Power International Bhd's 1HFY14 profit fell to RM490.8 million from RM503.8 million a year earlier. Revenue fell to RM7.75 billion from RM8.28 billion.

"The board of directors of YTL Power declared a distribution of 1 treasury share for every 20 ordinary shares of RM0.50 each held in YTL Power, the book closure and distribution dates for which are 13 March 2014 and 27 March 2014, respectively," Yeoh said.