YTL Corp Bhd's (4677) second quarter net profit ended December 31 2010 fell 24 per cent to RM164-18 million due to lower profits from offshore property development and higher operating cost by foreign subsidiaries- Group managing director Tan Sri Dr Francis Yeoh Sock Ping, in a statement yesterday, said the reorganisation of the property development and hotels businesses is still ongoing, as part of the group's strategy to streamline its operation- The group also announced a proposed one-into-five share split to make its stock more affordable to investors- YTL Corp's growth in the first half was driven primarily by strong performance in its utilities and cement divisions- YTL Power's pre-tax profit rose 11 per cent to RM738-7 million for the six months to December 2010- The group's utilities division comprise power generation and power transmission in Malaysia, Singapore, Indonesia and Australia, water and sewerage services in the UK, merchant multi-utility businesses in Singapore and communications in Malaysia- YTL's cement division net profits grew 23 per cent to RM154-4 million from a year ago- The good performance was supported by higher demand in the local construction industry and consolidation of the results of the Batu Tiga Quarry group of companies, which YTL Cement bought last year- YTL Land & Development Bhd's first half profit fell more than half to RM5-4 million from RM11 million- This was due to lower profit recognition from the property development and construction segments and changes in the timing of launches of new projects- ...

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