Cement division helped to drive rise in profit for Malaysia’s YTL Corp.

Malaysia’s YTL Corporation Berhad achieved a 40.4% y/y rise in profit for the 12 months ending 30 June 2014. Profit reached approximately RM2.59 billion, up from RM1.85 billion in the corresponding period ending 30 June 2013. The group’s revenue totalled RM19.2 billion, down slightly on last year’s RM19.97 billion.

YTL Corp.’s Cement Manufacturing and Trading Business reported revenue of almost RM2.65 billion, an increase of 11.9% y/y, whilst profit before tax improved by 30% y/y to reach RM662 million.

“Our cement, property development and investment and hotel divisions all registered good growth, whilst in our utilities division, the power generation, water and sewerage and mobile broadband segments all turned in strong performances, offsetting lower sales in our merchant multi-utilities division,” commented YTL Group Managing Director, Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE. “The jump in net profit was contributed mainly by our cement business, which saw better performance in the concrete and quarry segments, as well as the net fair value gain on investment properties recorded by our REITs, YTL Hospitality REIT in Malaysia and Starhill Global REIT in Singapore.”

The full report can be found here.

Adapted from press release by Louise Fordham

Read the article online at: https://www.worldcement.com/asia-pacific-rim/01092014/ytl-corp-releases-results-for-year-ending-30-june-2014-389/