YTL Corp Bhd yesterday reported a 28 per cent increase in net profit, achieved on record revenue for the year ended June 30 2005. Net profit was RM587.1 million versus RM459.7 million recorded last year, excluding exceptional gains. Sales were at a record RM4.95 billion, up 12 per cent from last year’s RM4.41 billion, helped by more contributions from the group’s utilities businesses comprising water and sewerage services in the UK, power generation in Malaysia and Indonesia and power transmission in Australia.
“Overall, the group registered strong results this year, with our utilities and property development divisions, in particular, turning in stellar performances and emphasising the earnings strength of these businesses. Our focus on acquiring regulated assets operating under long-term concessions continues to augur well for the group and is expected to remain our driving growth strategy,” YTL group managing director Tan Sri Francis Yeoh Sock Ping said.
YTL Cement Bhd, meanwhile, recorded a net profit of RM69 million as sales rose 35 per cent to RM691 million during the year from RM513.3 million previously, attributed mainly to accounting of Perak-Hanjoong Simen Sdn Bhd’s results, a company in which YTL Cement has a 64.84 per cent interest. Net profit was, however, down 19.4 per cent from RM85.1 million in 2004 as price wars between cement manufacturers during the period affected the industry.