Rancho Bernardo Hotels|"YTL FY13 Net Profit Up 13%, Main Contributors Properties, Hotels, Power Station"

Source         :     thestar.com.my
Category     :    Rancho Bernardo Hotels
By               :    thestar
Posted By   :    Hotels in Virginia Beach North Courtyard

Rancho Bernardo Hotels

YTL Corp Bhd recorded a net profit of RM1.33bil for the financial year ended June 30, 2013 (FY13), 13% higher than the RM1.18bil in FY12, contributed mainly by the group’s property development, hotels and power station operation and maintainence. For FY13’s fourth quarter, the group achieved RM389.9mil in net profit, 19% higher than RM327.1mil last year. Revenue for the quarter came in at RM5.03bil, 1.2% lower than the RM5.09bil registered in the corresponding period a year ago. The utilities division, still the largest contributor within the group, saw improvements during the last quarter of the year despite a provision for impairment of other receivables in the power generation sector that impacted performance.

“However, better margins on electricity sales and tank leasing, lower operating expenses in the multi-utilities division and better pricing from our water and sewerage operations bolstered the division’s performance,” YTL said in a statement. The conglomerate achieved a revenue of RM19.97bil for FY13, a marginal 1.1% decrease compared with the RM20.2bil in FY12. The marginal decrease in revenue, the group said, was due mainly to more competitive pricing in the cement industry, timing differences of new project launches and the completion of residential projects in Singapore in the property development division, as well as lower fuel oil trading volumes recorded in the group’s merchant multi-utilities division.

“However, this was offset by revenue increases from our hotel and construction operations, as well as higher contributions from the group’s plant operation and maintenance business.” The new additions to the hotel division this year included the Sydney Harbour, Brisbane and Melbourne Marriott Hotels in Australia, and the opening of The Majestic Hotel Kuala Lumpur and Gaya Island Resort in Borneo, all of which augmented the division’s results. Under its listed units, YTL Power International Bhd achieved a net profit of RM1.07bil in FY13 compared with RM1.23bil in FY12, owing to better pricing in the water and sewerage business, a one-off gain on derecognition of financial assets, a gain on the acquisition of an associate company and improved margins on electricity sales.

YTL Land and Development Bhd’s net profit for FY13, meanwhile, rose slightly from RM25mil in FY12 to RM25.2mil. Revenue was locked in at RM184.7mil compared with RM581.4mil in FY12, mainly due to timing differences of new project launches and the absence of revenue contributed by offshore subsidiaries following the completion of projects. YTL e-Solutions Bhd’s net profit for the period was at RM32mil compared with RM34.5mil in FY12, due to the accrual of contributions amounting to RM10.9mil to the Universal Service Provision fund established under the Communications and Multimedia Act 1988 and managed by the Malaysian Communications and Multimedia Commission.

Source : thestar.com.my/Business/Business-News/2013/08/23/YTL-FY13-net-profit-up-13-Main-contributors-are-properties-hotels-and-power-station-operations.aspx