YTL Cement net profit to double on Perak stake rise, Malaysia

YTL Cement net profit to double on Perak stake rise, Malaysia
Published: 10 December 2004

Malaysia’s YTL Cement expects its net profit to double this fiscal year after it raised its stake in Perak Hanjoong Simen Sdn Bhd to 64.8% from 32.1%, YTL’s managing director said.

"We should double that (last year’s net profit)," Francis Yeoh said at a press conference, when asked how Perak-Hanjoong would enhance YTL’s performance. 

In the year ended June 2004, YTL Cement’s net profit jumped 26% to MYR84.6m. In contrast, Perak-Hanjoong reported a post-tax loss of MYR53.2m in 2003, the latest available full-year data. 

Yeoh said YTL Cement’s higher profit would be driven by strong demand and improved efficiencies. 

YTL Cement is paying MYR109.7m in cash to government-backed asset management company Pengurusan Danaharta Nasional Bhd. to raise its stake in Perak-Hanjoong. 

Perak-Hanjoong is the second-biggest maker of cement and cement products in Malaysia with a 16% share of the market.