Kuala Lumpur, 18 May 2006
YTL CORPORATION BERHAD
YTL Corp 9-Month Profit Soars 169% to RM1.20 Billion (USD332 Million)
Sales Up 8.4% to RM3.95 Billion (USD1.10 Billion)
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YTL Corporation Berhad today announced net profit of RM1,195.1 million (USD332.0 mil, based on the prevailing exchange rate of USD1.00 : RM3.60) for the first nine months of the financial year ending 30 June 2006, an increase of 168.5% compared to RM445.1 million (USD123.7 mil) for the same period last year.
Profit before taxation grew 93.0% to RM1,834.0 million (USD509.5 mil) for the nine months ended 31 March 2006, compared to RM950.3 million (USD264.0 mil) last year, whilst revenue grew to RM3,952.9 million (USD1,098.0 mil), an 8.4% increase over RM3,646.6 million (USD1,012.9 mil) in the previous corresponding nine months ended 31 March 2005.
The profit increase includes an exceptional gain of RM643.6 million on the disposal of three properties to the Starhill Real Estate Investment Trust (Starhill REIT) which was listed on the Main Board of Bursa Malaysia Securities Berhad in December 2005. Even with the exclusion of this exceptional gain, however, profit before taxation still registered an increase of 25.3% to RM1,190.44 million (USD330.7 mil) for the nine months ended 31 March 2006 compared to the same period last year.
YTL Group Managing Director, Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, remarked, “The Group continued to register growth in both revenue and earnings and, with nine months of the 2006 financial year now completed, this upward trend is expected to be maintained, driven predominantly by the Group’s utilities and cement divisions”.
“Meanwhile, Starhill REIT, in its second reporting quarter since its IPO, has performed well in line with projections and is exploring yield-accretive acquisition opportunities of adjacent properties to further enhance the REIT’s portfolio”.