Conglomerate YTL Corp Bhd has announced that its net profit for the last quarter jumped to RM118 million from RM47 million in the earlier quarter, which was driven by the consolidation of a power plant business in Singapore.
The company’s revenue also climbed from RM3.5 billion in the previous quarter to RM4.6 billion.
For the fiscal year that ended June 30, 2010, the company recorded a 5 percent increase in net profit to RM873 million, while sales jumped 8 percent to RM16.4 billion.
Tan Sri Francis Yeoh Sock Ping, group managing director of YTL, said the group’s “significant growth in revenue and profit” was mainly attributed to the first full-year contribution of Singapore’s PowerSeraya, which was acquired in March 2009.
“Revenue exceeded the RM16bil mark for the first time in our history,” said Mr. Yeoh in a press statement.
Net profit of YTL Power International Bhd for Q4 surged over 13 times to RM429 million from RM29.8 million from the previous quarter, due to the contribution of PowerSeraya.
“During the fourth quarter, the group completed the first stage of a rationalisation of our retail and hospitality assets via Starhill REIT, which involved the disposal by the Trust of Starhill Gallery and its parcels in Lot 10 Shopping Centre to Starhill Global REIT in Singapore,” said Mr. Yeoh.
Starhill REIT is being transformed into a “pure-play hospitality REIT”, focusing on a single class of hotel and hospitality-related assets, he added.