Kuala Lumpur, 23 February 2006
YTL CORPORATION BERHAD
YTL Corp Half-Year Net Profit Up 248% to RM1.04 Billion (USD280 Million)
Sales Up 9% to RM2.64 Billion (USD710 Million)
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YTL Corporation Berhad today announced net profit of RM1,042.5 million (USD280.0 mil, based on the prevailing exchange rate of USD1.00 : RM3.72) for the first six months of the financial year ending 30 June 2006, an increase of 247.7% compared to RM299.9 million (USD80.5 mil) for the same period last year.
Profit before taxation grew 131.8% to RM1,465.9 million (USD393.7 mil) for the six months ended 31 December 2005, compared to RM632.3 million (USD169.8 mil) last year, whilst revenue grew to RM2,643.3 million (USD709.9 mil), a 9.2% increase over RM2,421.2 million (USD650.3 mil) in the previous corresponding half-year ended 31 December 2004.
The profit increase was due predominantly to an exceptional gain of RM643.6 million on the disposal of Starhill Gallery, Lot 10 Shopping Complex and the JW Marriott Hotel Kuala Lumpur by wholly-owned subsidiary, YTL Land Sdn Bhd, to the Starhill Real Estate Investment Trust, which was listed on the Main Board of Bursa Malaysia Securities Berhad in December 2005.
Excluding this quarter's exceptional gains, profit before taxation still registered an increase of 17.8% to RM744.6 million (USD200.0 mil) for the six months ended 31 December 2005 compared to the same period last year.
YTL Group Managing Director, Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, commenting on the Group's performance, said, “Earnings growth was recorded across most divisions, and this is expected to be sustained through to the end of this financial year. Improved operating results from the Group’s cement manufacturing activities and increased contributions from the utilities division were the main drivers for the quarter's revenue growth.
"The Group's half-year profit also received a tremendous boost from the exceptional gain generated by Starhill REIT's initial public offering. This is the first reporting quarter for Starhill REIT, and the Trust has performed in line with expectations".