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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published August 25, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>PowerSeraya's strong quarter lifts YTL's revenue
By RONNIE LIM
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A STRONG March-June performance by its new Singapore subsidiary PowerSeraya helped boost the 2009 financial performance of Malaysia's YTL Power International, with the 3,100 MW Singapore power station contributing 15 per cent of annual gross profit in just those four months.
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</TD></TR><TR class=caption><TD>Power boost: A strong March-June performance by its new Singapore subsidiary PowerSeraya helped to lift the 2009 financial performance</TD></TR></TBODY></TABLE>At the weekend, YTL's utilities division reported a 43.8 per cent jump in revenue to RM6.1 billion (S$2.5 billion) for the 12 months ended June 30, 'due principally to the consolidation of approximately four months' results from PowerSeraya'.
Profit before tax was RM1,352.4 million, with PowerSeraya contributing RM197.4 million.
The $3.6 billion sale of the PowerSeraya to YTL by Temasek Holdings was concluded on March 6 this year. YTL group managing director Francis Yeoh said: 'Despite tough economic conditions and ongoing volatility, locally and internationally, the group achieved strong results for FY 2009. The group's utilities operations have been enhanced by the addition of PowerSeraya, which is Singapore's second largest generating company.'
Additionally, YTL's 'acquisition of a 26.6 per cent stake in Starhill Global Reit and 50 per cent of the holding company of the Reit's manager resulted in an increase in profit due to the recognition of the fair value in excess of the Reit's identifiable assets and liabilities over the cost of the investment', Mr Yeoh said.
YTL Power said that its operational performance remained robust in FY 2009, with its utility businesses - comprising Paka and Pasir Gudang power stations in Malaysia, Wessex Water in England, 35 per cent Indonesian associate PT Jawa Power and PowerSeraya - turning in strong performances.
PowerSeraya chief executive John Ng said: 'The good news is that we are starting to see a turnaround in electricity demand in Singapore in June and July. But the one per cent electricity demand increase year-on-year here so far is still tentative and we are not sure how much the hot weather has played a part.'
It is too early to say whether higher electricity demand reflects an economic turnaround here, he said.
Earlier this month, Tuas Power - now owned by China's Huaneng Power - reported a 6.32 per cent drop in electricity generated in the first half compared with the same period last year.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>PowerSeraya's strong quarter lifts YTL's revenue
By RONNIE LIM
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Feedback</TD></TR></TBODY></TABLE>A STRONG March-June performance by its new Singapore subsidiary PowerSeraya helped boost the 2009 financial performance of Malaysia's YTL Power International, with the 3,100 MW Singapore power station contributing 15 per cent of annual gross profit in just those four months.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Power boost: A strong March-June performance by its new Singapore subsidiary PowerSeraya helped to lift the 2009 financial performance</TD></TR></TBODY></TABLE>At the weekend, YTL's utilities division reported a 43.8 per cent jump in revenue to RM6.1 billion (S$2.5 billion) for the 12 months ended June 30, 'due principally to the consolidation of approximately four months' results from PowerSeraya'.Profit before tax was RM1,352.4 million, with PowerSeraya contributing RM197.4 million.
The $3.6 billion sale of the PowerSeraya to YTL by Temasek Holdings was concluded on March 6 this year. YTL group managing director Francis Yeoh said: 'Despite tough economic conditions and ongoing volatility, locally and internationally, the group achieved strong results for FY 2009. The group's utilities operations have been enhanced by the addition of PowerSeraya, which is Singapore's second largest generating company.'
Additionally, YTL's 'acquisition of a 26.6 per cent stake in Starhill Global Reit and 50 per cent of the holding company of the Reit's manager resulted in an increase in profit due to the recognition of the fair value in excess of the Reit's identifiable assets and liabilities over the cost of the investment', Mr Yeoh said.
YTL Power said that its operational performance remained robust in FY 2009, with its utility businesses - comprising Paka and Pasir Gudang power stations in Malaysia, Wessex Water in England, 35 per cent Indonesian associate PT Jawa Power and PowerSeraya - turning in strong performances.
PowerSeraya chief executive John Ng said: 'The good news is that we are starting to see a turnaround in electricity demand in Singapore in June and July. But the one per cent electricity demand increase year-on-year here so far is still tentative and we are not sure how much the hot weather has played a part.'
It is too early to say whether higher electricity demand reflects an economic turnaround here, he said.
Earlier this month, Tuas Power - now owned by China's Huaneng Power - reported a 6.32 per cent drop in electricity generated in the first half compared with the same period last year.
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