Kuala Lumpur, 25 August 2016
YTL Group Managing Director Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, CBE, FICE, said, "For the 12 months ended 30 June 2016, the Group recorded revenue of RM15.4 billion and profit of RM1.9 billion. Our utilities division registered a decrease in revenue and profit owing to the absence of revenue from the contracted power generation segment, following the completion of our power purchase agreement in September 2015, coupled with lower vesting volumes in the merchant multi-utilities segment in Singapore. We have been awarded a project for supply of power from our existing facility in Paka under the short term capacity bid called by the Malaysian Energy Commission, and negotiations on this are currently ongoing.
"Our water and sewerage business in the UK turned in another strong performance, and the Group also saw an increase in share of profits from our associate, Jawa Power in Indonesia, due to an increase in deferred tax credits on revaluation of the power plant.
"The improved performance of our construction division arose from higher revenue recognition of construction contracts and better contract margins, whilst the cement division recorded lower revenue and profit due to competitive pricing, lower sales volumes and higher finance costs expensed following commercial operation of a plant.
"Meanwhile, the Group's property development business achieved higher revenue on the back of the acquisition of Myer Centre Adelaide in Australia by Starhill Global REIT in Singapore, and better site progress from the Fennel project in Sentul, although profit was impacted by the completion of projects during the last financial year and unrealised foreign exchange losses on an Australian Dollar denominated term loan recorded by YTL Hospitality REIT.
"In our hotel division, higher revenue was contributed by Niseko Village in Japan and The Gainsborough Bath Spa in the UK, whilst the decrease in profit arose mainly from unrealised foreign exchange losses on inter-company balances."