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YTL Corporation Group changes dividend policy
 
Kuala Lumpur, 30 August 2002

YTL CORPORATION BERHAD RECORDS RM788.8 MILLION PROFITS AND DECLARES DIVIDEND FROM 10% TO 15%
YTL Corporation Berhad (“YTL Corp”) recorded profit before taxation of RM788.8 million for the year ended 30 June 2002, representing an increase of 9.3% over the previous financial year.

The Group registered a revenue of RM2,587.9 million for the current financial year to date, an increase of 11.3% over the year ended 30 June 2001. The improvement in revenue is attributed substantially due to growing demand for cement as the construction industry recovers, an increase in electricity sales under the Supplemental Power Purchase Agreement and the consolidation of one month’s financial results of the Wessex Water Group.

The financial performance for the year under review reflects the success of the Group’s strategy of developing and acquiring regulated assets operating under long term concessions in Malaysia, Australia and the United Kingdom. To complement the 21-year concession to operate the power stations in Pasir Gudang and Paka, the Group recently launched the Express Rail Link which operates under a 60-year concession in Malaysia and currently owns a 33.5% stake in ElectraNet, the 200-year concession to operate the South Australian electricity transmission grid. In May this year, the Group successfully completed its acquisition of a 100% stake in Wessex Water Ltd, a ?1.24 billion utility, providing water and sewerage facilities to an area of 10,000 square kilometres in southwest United Kingdom, and operates under a concession in perpetuity.

In light of the Group’s performance for the year under review, the Board of Directors of YTL Corp has recommended increased dividends from 10% to 15%, in line with the Group’s policy of rewarding shareholders and enhancing shareholder value.

YTL Corporation Berhad Detailed Report (as announced at KLSE)
 
YTL POWER INTERNATIONAL BERHAD MAKES RM646.6 MILLION AND DECLARES 100% INCREASE IN DIVIDENDS FROM 10% TO 20%
AT THE MARKET PRICE OF RM2.56 PER SHARE, THE DIVIDEND YIELD IS 7.8%.

For the year ended 30 June 2002, YTL Power International Berhad (“YTL Power”) achieved a turnover of RM1,501.3 million, representing an increase of RM182 million (13.8%) from RM1,319.5 million in the corresponding year ended 30 June 2001. YTL Power’s profit before taxation increased by 6.4% to RM646.6 million in the year ended 30 June 2002 as compared to the last financial year. Profit after taxation increased by 10.6% to RM485.9 million compared to the last financial year.

The growth in turnover and profit is attributed substantially to increased electricity sales under the Supplemental Power Purchase Agreement and consolidation of one month’s financial results of the Wessex Water Group.

In light of the Group’s performance for the year under review, the Board of Directors of YTL Power has recommended a 100% increase in dividends from 10% to 20%, in line with the Group’s policy of rewarding shareholders and enhancing shareholder value.

YTL Power International Detailed Report (as announced at KLSE)
 
YTL CEMENT BERHAD MAKES RM81 MILLION AND DECLARES 100% INCREASE IN DIVIDENDS FROM 10% TO 20%
AT THE MARKET PRICE OF RM2.78 PER SHARE, THE DIVIDEND YIELD IS 7.2%.

For the year ended 30 June 2002, YTL Cement Berhad (“YTL Cement”) achieved a turnover of RM421 million, representing an increase of 11%) from RM379 million in the corresponding year ended 30 June 2001. YTL Cement’s profit before taxation increased by 20.2% to RM80.3 million in the year ended 30 June 2002 as compared to the last financial year. Profit after taxation increased by 26.9% to RM66.9 million compared to the last financial year.

The growth in turnover and profit is attributed substantially to the growing demand for cement as the construction industry recovers.

In light of the Group’s performance for the year under review, the Board of Directors of YTL Cement has recommended a 100% increase in dividends from 10% to 20%, in line with the Group’s policy of rewarding shareholders and enhancing shareholder value.

YTL Cement Berhad Detailed Report (as announced at KLSE)
 
YTL LAND & DEVELOPMENT BERHAD POISE FOR RECOVERY
YTL Land & Development (formerly known as Taiping Consolidated Berhad) (“YTL L&D”) recorded revenue for the current financial quarter and financial year ended 30 June 2002 of RM2.6 million and RM23.4 million respectively, a substantial portion of which reflects the turnover recognised in Sentul Raya Sdn Bhd where works on one of the phases of the Sentul Raya development project resumed in June 2001.

For the financial year ended 30 June 2002, the YTL L&D recorded a profit before tax of RM22.1 million before taxation. The profit before tax comprises largely the exceptional gain on the disposal of subsidiaries by the company as announced on 24 October 2001 as part of the plan to streamline the property development business of the YTL Group, and the write back in over-provision of losses made in the previous year in Sentul Raya Sdn Bhd.

YTL Land and Development Detailed Report (as announced at KLSE)
 
YTL E-SOLUTIONS BERHAD MAKES 383% INCREASE IN PROFITS
YTL e-Solutions Berhad (“YTL e-Solutions”) recorded revenue of RM19.1 million for the current financial year to date, an increase of 336% over the financial year ended 30 June 2001. The improvement in revenue is substantially contributed by the commercial roll-out of the YTL Community portal, integrated information systems for its corporate clients, an increase in gateway traffic and continuous growth of the real time voice, video and data communications through the Voice over Internet Protocol (VoIP) telephony services.

For the current financial year, YTL e-Solutions registered a consolidated profit before taxation of RM9.4 million, or a 383% increase over the year ended 30 June 2001.

YTL e-Solutions Detailed Report (as announced at KLSE)


NEW DIVIDEND POLICY
Since its listing on the Kuala Lumpur Stock Exchange in 1986, the YTL Group has consistently declared dividends of not less than 5% for 17 consecutive years. In addition, the Group has recorded compounded earnings growth of 42% over the same period. With the successful launch of the ERL in Malaysia, and the acquisitions of ElectraNet in Australia and Wessex Water in the United Kingdom, the Group is confident that it will be able to sustain this substantial increase in dividends over the next 5 years.

** Exchange Rate : USD 1.00 = RM 3.80


MEDIA REPORTS:
The Edge: YTL Corp posts higher net profit
YTL Corporation Bhd has posted a higher net profit of RM373.88 million in the financial year ended June 30, 2002, from RM330.87 million in the previous corresponding period.

Bernama: YTL Corp makes RM788.7 mln profit
YTL Corporation Bhd recorded a 9.3 percent increase in pre-tax profit of RM788.777 million for the financial year ended June 30, 2002, versus a pre-tax profit of RM721.958 million a year earlier.

The Star: YTL group chalks up sparkling set of results
The YTL group announced yesterday an increase of between 50% and 100% in dividend payouts from the group’s major listed companies following stronger results for the financial year to June 30.

Business Times Malaysia: Consolidation of Wessex results lifts YTL Power earnings
Consolidation of financial results by Wessex Water Services Ltd, the YTL Group’s latest foreign acquisition, has boosted YTL Power International Bhd’s earnings for the financial year ended June 30 2002.
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