Malaysia: YTL profit increases 40.5% YoY

Malaysian construction conglomerate YTL Corp Bhd saw its profit increased 40.5 per cent to MYR1.93bn (US$601.7m) for the nine months ended 31 March 2014 compared to the same period of the previous year thanks to better performances from its cement, property development and investment and hotel divisions.

Despite strong growth in its group profit, YTL’s revenue declined a marginal 1.9 per cent to MYR14.66n during the period under review from MYR14.95bn due to decreases in its construction and utility divisions.

“Our cement, property development and investment and hotel divisions all registered stronger revenues, offsetting decreases in our construction and utilities divisions,” YTL group managing director Tan Sri Dr Francis Yeoh said in a statement.

Yeoh pointed out that the group’s higher profit for the nine months under review was due primarily to better performances of the concrete and quarry businesses in its cement division, contributions from the uniquely-styled Fennel and Capers condominium developments in its Sentul urban regeneration project, and consolidation of results from Starhill Global REIT in Singapore, which owns prime retail properties across Singapore, Malaysia, Australia and Japan.