YTL Corporation

YTL Corp's Foreign Operations Boost Net Profit 32% to RM1.1 Billion (US$330 Million) for 3rd Quarter

Kuala Lumpur, 22 May 2008

YTL Corporation Berhad (“YTL Corp”) today announced net profit of RM1,074.8 million (US$330.7 mil, based on the prevailing exchange rate of US$1.00:RM3.25) for the 9 months ended 31 March 2008, an increase of RM261.0 million (US$80.3 mil) or 32.1% compared to the previous corresponding period ended 31 March 2007. Revenue grew by 10.4% to RM4,731.7 million (US$1,455.9 mil), compared to RM4,285.7 million (US$1,318.7 mil) during the same period last year.

Commenting on the results, YTL Group Managing Director Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping said, “The Group’s utilities and cement businesses continue to drive growth, enabling us to achieve another strong set of results for the quarter. With existing global market conditions necessitating even more concerted and innovative efforts on our part to further improve operational efficiencies and control rising costs, the Group continues to derive better performance and results from these improved technical efficiencies, both in our Malaysian-based and international utilities and cement businesses”.

The Group’s listed utilities arm, YTL Power International Berhad (“YTL Power”), reported net profit of RM758.2 million (US$233.3 mil) for the 9 months ended 31 March 2008, a marginal increase over RM748.5 million (US$230.3 mil) for the same period last year, whilst revenue increased by RM201.5 million (US$62.0 mil) or 6.9% to RM3,102.0 million (US$954.5 mil). The increases were due to better performance in all business segments, including Wessex Water Limited, one of the most efficient water and sewerage providers in the UK, and P.T. Jawa Power, a 35%-owned associate company in Indonesia, the owner of a 1,220 MW power station in East Java.

Meanwhile, YTL Cement Berhad (“YTL Cement”), the Group’s listed cement division, achieved a 30.9% increase in net profit to RM157.9 million (US$48.6 mil) for the 9 months ended 31 March 2008, compared to RM120.6 million (US$37.1 mil) for the previous corresponding 9 months ended 31 March 2007. Revenue grew 21.4% to RM1,012.4 million (US$311.5 mil) this year, compared to RM833.8 million (US$256.6 mil) last year. The growth in revenue and profit arose mainly from higher demand for cement in the construction industry, improved operational efficiencies and better selling prices during the period.

On the property investment and development front, Starhill Real Estate Investment Trust recorded distributable income of RM60.8 million, reflecting a 14.0% increase over RM53.4 million last year, generated from an 11.2% increase in revenue to RM81.0 million for the period under review. YTL Land & Development Berhad, meanwhile, recorded a marginal increase in net profit to RM11.25 million for the 9 months ended 31 March 2008, on the back of a 184.5% increase in revenue to RM250.89 million and a 25.2% growth in profit before taxation to RM15.81 million. The increases were contributed mainly by new phases under development, namely The Centrio at Pantai Hillpark, as well as progress recognition for The Saffron, currently under construction in the Group’s Sentul urban regeneration project.

The Group’s technology incubator, YTL e-Solutions Berhad, reported net profit of RM3.07 million for the 9 months ended 31 March 2008, a decrease of 5.4% compared to the same period last year, due to higher operating expenses. Revenue, however, increased 28.7% to RM23.73 million for the period under review and profit before taxation grew 13.3% to RM5.64 million, arising from higher demand for the Group’s products and services, and consolidation of the results of newly acquired subsidiaries.

Shareholders Rewarded with Additional Interim Dividends
YTL Corp 15% Interim Dividend
Resultant yield of 4.0%
YTL Corp declared a 3rd interim dividend of 15% per share, less Malaysian income tax. The book closure date for the interim dividend is 10 June 2008, whilst the payment date is 24 June 2008. YTL Corp has already declared gross 1st and 2nd interim dividends of 15% each in respect of the financial year ending 30 June 2008, in addition to the 1-for-15 restricted offer for sale of YTL Power shares to YTL Corp shareholders in January this year. These distributions combined represent a yield of 4.0%, based on the prevailing share price of RM7.50 per share.

YTL Power 7.5% Tax-Exempt Interim Dividend
Resultant yield of 7.5%
YTL Power declared a 2nd interim dividend of 7.5% per share, exempt from Malaysian income tax. The book closure date for the interim dividend is 10 June 2008, whilst the payment date is 24 June 2008. YTL Power declared a tax-exempt 1st interim dividend of 7.5% last quarter, in addition to the 1-for-25 share dividend distribution completed in January 2008. These distributions combined represent a yield of 7.5%, based on the prevailing share price of RM2.15 per share.

YTL Cement 10% Interim Dividend
Resultant yield of 3.2%
YTL Cement declared a 2nd interim dividend of 10% per share, less Malaysian income tax. The book closure date for the interim dividend is 10 June 2008, whilst the payment date is 24 June 2008. YTL Cement declared a gross 1st interim dividend of 20% per share last quarter. These distributions combined represent a yield of 3.2%, based on the prevailing share price of RM4.70 per share.