even matland got a hand in our power!
The Group’s utilities division, YTL Power International Berhad (“YTL Power”), registered a 43.8% jump in revenue for the 12 months ended 30 June 2009 to RM6,101.9 million (US$1,743.4 mn), due principally to the consolidation of approximately 4 months’ results from PowerSeraya Limited (“PowerSeraya”). Profit before taxation stood at RM1,352.4 million (US$386.4 mn) for the 12 months ended 30 June 2009, with PowerSeraya contributing RM197.4 million (US$56.4 mn) in profit before tax.
YTL Power’s net profit stood at RM625.8 million (US$178.8 mn) for the 2009 financial year over RM1,038.8 million (US$296.8 mn) for the same period last year. The decrease in net profit resulted from a one-off deferred tax charge of RM442.5 million relating to Wessex Water Limited (“Wessex Water”), the Group’s wholly-owned subsidiary in the UK, following the abolition of industrial building allowances under the UK Finance Act 2008. The said one-off deferred tax charge does not have an immediate effect on the Group’s cashflow and was recognised in compliance with the application of Accounting Standard FRS 112 Income Taxes.
Nevertheless, operational performance remained robust for the 12 months ended 30 June 2009, with the Group’s utility businesses comprising the Paka and Pasir Gudang power stations in Malaysia, Wessex Water in the UK, P.T. Jawa Power (a 35%-owned associate company in Indonesia) and PowerSeraya in Singapore, continuing to turn in strong performances.
:oIo:
