YTL Corp Records 1st Quarter Revenue of RM5.2 Billion (US$1.6 Billion)
Profit Grows 11% to RM595 Million (US$186 Million); 15% Interim Dividend Declared
Kuala Lumpur, Thursday 21 November 2013
YTL Corporation Berhad announced a 2.7% growth in revenue to RM5,210.7 million (US$1,628.4 mn) for the 3 months ended 30 September 2013, compared to RM5,072.1 million (US$1,585.0 mn) for the preceding corresponding quarter ended 30 September 2012. Profit for the period grew 11.4% to RM594.9 million (US$185.9 mn) this year over RM534.1 million (US$166.9 mn) for the same period last year.
YTL Group Managing Director Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE, said, “The Group’s profit for the first quarter of the 2014 financial year saw an increase of 11.4% on the back of a 2.7% growth in revenue. Revenue growth was contributed mainly by the Group’s cement, property development and investment and hotels segments. However, competitive pricing in the cement industry resulted in a marginal decrease in the division’s profit despite a 9% revenue increase, and the hotels segment registered an increase in revenue owing to its 3 new Marriott hotels in Australia, although unrealised foreign exchange losses contributed to a slightly higher overall loss before tax for the division.
“Meanwhile, our utilities segment recorded lower revenue resulting from fewer units of electricity sold and lower trading volumes, coupled with a decrease in electricity prices brought on by lower fuel oil prices in our merchant multi-utilities division. Nevertheless, the division recorded a 5.5% increase in pre-tax profit during the quarter under review due to higher electricity sales in the power generation sub-segment and better prices as allowed by the industry regulator in the water and sewerage sub-segment.
“The Group’s property development and investment division registered a significant improvement contributed mainly by The Capers, the architecturally unique condominium development under our Sentul urban regeneration project, sales of completed properties in Sandy Island in Singapore, unrealised foreign exchange gains and Starhill Global REIT. The REIT has continued to deliver consistently solid distributions, owing to the ongoing development and enhancement of its asset portfolio.”
YTL Corp also declared an interim dividend of 15% or 1.5 sen per share, the book closure and payment dates for which are 31 December 2013 and 17 January 2014, respectively.
YTL POWER INTERNATIONAL BERHAD
YTL Power Registers Revenue of RM4.0 Billion (US$1.2 Billion)
Profit Stands at RM236 Million (US$74 Million)
YTL Power recorded revenue of RM3,981.1 million (US$1,244.1 mn) for the 3 months ended 30 September 2013 compared to RM4,179.1 million (US$1,306.0 mn) for the same period last year, whilst profit for the period stood at RM235.7 million (US$73.6 mn) this year, compared to RM251.8 million (US$78.7 mn) last year.
The decrease in revenue was principally due to fewer units of electricity sold and lower trading volumes, as well as a decrease in electricity prices resulting from lower fuel oil prices. Meanwhile, the decrease in net profit was mainly due to lower vesting non-fuel margins and volumes and retail non-fuel margins, as well as a provision for impairment of investment in an associate of the Group and unrealised foreign exchange losses.
The Group’s mobile broadband division, which operates the Yes 4G network, continued to see good growth of its subscriber base, which has bolstered revenue and narrowed the division’s losses. The Yes platform was built for scale from the outset and presently offers coverage over approximately 85% of the Peninsula.
The Group’s water and sewerage business in the United Kingdom, also continued to deliver strong results due to better pricing allowed by Ofwat, the UK economic regulator for the industry.
YTL LAND & DEVELOPMENT BERHAD
YTL Land Achieves Revenue of RM117 Million & Profit of RM4.5 Million
YTL Land’s revenue increased to RM116.9 million for the 3 months ended 30 September 2013, compared to RM51.1 million for the same period last year, whilst profit for the period increased to RM4.5 million over RM2.9 million last year. The higher revenue and net profit were mainly contributed by The Capers at Sentul East, sales of completed properties in the Group’s Sandy Island project in Singapore’s Sentosa Cove and unrealised foreign exchange gains.
YTL E-SOLUTIONS BERHAD
YTL e-Solutions Achieves Revenue of RM21.7 Million & Profit of RM14.5 Million
YTL e-Solutions registered an increase in revenue to RM21.7 million for the 3 months ended 30 September 2013 compared to RM21.6 million for the same period last year, whilst profit for the period was RM14.5 million compared to RM15.5 million last year. The increase in revenue arose mainly from higher hardware sales, whilst the decrease in profit was substantially due to the accrual of contributions amounting to RM1.125 million to the Universal Service Provision (USP) fund established under the Communications and Multimedia Act 1988.
STARHILL REAL ESTATE INVESTMENT TRUST
Starhill REIT Records Revenue of RM24.5 Million & Distributable Income of RM28.2 Million
Interim Distribution of 1.9175 Sen Per Unit Declared
Distribution Frequency Increased to Quarterly Basis
Starhill REIT achieved revenue of RM24.5 million for the 3 months ended 30 September 2013, a marginal increase over RM24.2 million for the same period last year, due mainly to the recognition of revenue generated by the Sydney Harbour, Brisbane and Melbourne Marriott hotels, acquired in November 2012. Meanwhile, income available for distribution grew to RM28.2 million for the quarter compared to RM22.3 million last year, representing an increase of 26.8%, after adjustment for non-cash items relating mainly to depreciation charges for the new Marriott hotels in Australia.
The Board of Directors of Pintar Projek Sdn Bhd, the Manager of Starhill REIT, declared an interim distribution of 1.9175 sen per unit, the book closure and payment dates for which are 6 December 2013 and 27 December 2013, respectively. The total income distribution amounts to RM25.4 million, representing approximately 90% of the total distributable income for the financial period ended 30 September 2013.
Commencing this financial year, Starhill REIT will also increase the frequency of distribution payments to once per quarter from semi-annually previously, enabling unitholders to receive a more frequent and timely return.
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