YTL Corp Bhd reported a 63 per cent jump in its fourth-quarter net profit, driven mainly by its cement and utilities division. The group intends to grow these businesses by looking for opportunities in Malaysia and abroad.
"The group intends to continue to grow earnings and create value for our shareholders with our ongoing focus on pursuing attractive and viable opportunities predominantly in the utility and cement industries, both in Malaysia and internationally, in Europe and the Asia-Pacific region," YTL Group managing director Tan Sri Francis Yeoh Sock Ping said in a statement.
Net profit for the full year more than doubled to RM1.39 billion from RM561.19 million the previous year. The jump was due mainly to its cement and utilities division. It was also due to gains from the sale of three properties for RM643.5 million to Starhill Real Estate Investment Trust.
The group’s utilities division, YTL Power Bhd, registered an almost 18 per cent jump in net profit to RM874.4 billion from RM742.17 billion a year ago. Revenue rose two per cent to RM3.75 billion this fiscal year. The improved performance was due to higher contribution from the Wessex Water Group.