Cement division helps boost YTL net profit, Malaysia

Cement division helps boost YTL net profit, Malaysia
Published: 24 February 2012

Tagged Under: YTL Cement Malaysia 

YTL Corp of Malaysia registered a net profit of MYR489.2m in the six months ended 31 December 2011, up 10.4 per cent YoY, boosted by the group’s cement and multi-utility arm. Revenue increased by 10.8 per cent to MYR9.87bn.

Commenting on the results, YTL Group Managing Director, Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE, said: “At the half-way mark of the 2012 financial year, the Group continued to perform well. Revenue topped MYR9.8bn, increasing 11% or MYR964m over the same period last year, due mainly to the ongoing resilience of our multi-utility businesses in Malaysia, the UK and Singapore. Overall, our cement and multi-utility operations, which are the Group’s major contributors, continued to register sound performance.

“As reported earlier this week, we are in the process of delisting YTL Cement as acceptances of the voluntary share exchange offer into YTL Corp’s shares have resulted in YTL Corp, YTL Industries and persons acting in concert holding more than 90% of YTL Cement’s shares.”

YTL Cement’s revenue for the second quarter of the financial year ending 30 June 2012 grew 12.2% to MYR1148.4m (US$377.8m), compared to MYR1023.7m (US$336.7m) for the previous corresponding period ended 31 December 2010. Net profit attributable to shareholders increased 8.8% to MYR167.9m (US$55.2m) this year, compared to MYR154.4m (US$50.8 mn) last year, due mainly to higher demand for cement in the construction industry and contributions from offshore subsidiaries.