KUALA LUMPUR: YTL CORPORATION BHD [] posted 12.1% increase in net profit of RM863.12 million from RM769.8 million in the previous financial year on the back of higher revenue and the inclusion of its wholly-owned PowerSeraya and acquisition of a 26.6% stake in Starhill Global REIT.
The group said on Aug 20 revenue rose 36.6% to RM8.946 billion from RM6.549 billion. Profit before taxation grew 26.1% to RM2.31 billion from RM1.83 billion last year.
However, for the fourth quarter, net profit fell to RM75.97 million from RM153.32 million a year ago. Revenue was sharply higher at RM3.59 billion from RM1.82 billion. Earnings per share was 4.67 sen compared with 10.25 sen.
YTL Corp recommended a single tier first and final dividend of 15% for FY ended June 30, 2009 and declared a share dividend distribution of one treasury share for every 50
shares held as at Sept 9.
The combined cash and share dividends result in a gross dividend yield of 3.0% for FY09 (based on the 5-day weighted average price of RM7.24 per share.
YTL Group managing director Tan Sri Francis Yeoh Sock Ping said despite tough economic conditions and ongoing volatility, both locally and internationally, the group achieved a strong set of results for FY09, with two significant acquisitions in Singapore bolstering its utilities and property investment divisions.
“The addition of wholly-owned PowerSeraya to our utilities division in March 2009 enabled us to consolidate four months’ results for the 2009 financial year.
"The acquisition of a 26.6% stake in Starhill Global REIT and 50% of the holding company of the REIT’s manager, resulted in an increase in profit due to the recognition of the fair value excess of the REIT’s identifiable assets and liabilities over the cost of the investment," he said.
Yeoh said the application of FRS 112 accounting standard arising from the abolition of industrial building allowances affecting its UK-based Wessex Water subsidiary resulted in a one-off deferred tax charge of RM442.5 million being recognised by its utilities division.
This resulted in a drop in net profit for the division but he did not expect it to have an immediate impact on cashflow. The group’s utilities operations were enhanced by the addition of PowerSeraya, Singapore’s 2nd largest generation company, with a licensed capacity of 3,100 MW and complementary multi-utility businesses.
20/8/2008
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