YTL Corp third quarter pre-tax profit rises

YTL Corp third quarter pre-tax profit rises
31 May 2005

YTL Corp Bhd saw its pre-tax profit rising 29.6 per cent to RM317.9m for the third quarter ended March 31, compared with RM245.3m in the same period a year ago. Its turnover for the quarter improved 11.5 per cent to RM1.23bn from RM1.09bn. However, net profit in the third quarter fell 37.2 per cent to RM145.3m against RM231.1m previously. Group pre-tax profit dropped marginally by 0.5 per cent to RM317.9m from RM319.6m in the preceding quarter.

YTL Corp said in a statement to Bursa Malaysia the lower pre-tax profit was mainly due to increased production costs and lower demand for cement, resulting in competitive pricing under its cement manufacturing and trading activities.  In an interview with Reuters, YTL Corp managing director Tan Sri Francis Yeoh said the company expected profits to jump 20 per cent in the current fiscal year and aimed to keep up that pace of profit growth on average. “I think we should be making for the final year 20 per cent better than last year,” Yeoh said.  YTL Corp is scanning the world for acquisition opportunities, talking to “armies of investment bankers” and focusing in particular on Britain, Australia, North America and Indonesia.
 Sk100 million and investment at Sk290 million.

Published under Cement News