YTL Corp Q3 revenue at RM4.81bil


  • Corporate News
  • Wednesday, 17 Jun 2020

The cement segment posted stronger revenue due to the consolidation of Malayan Cement Bhd (formerly known as Lafarge Malaysia Bhd) and the increase in sales volume and selling price from operations in China.

PETALING JAYA: YTL Corp Bhd recorded a 65.6% year-on-year (y-o-y) drop in net profit for the third quarter ended March 31 as lower profits from its hotels, utilities, management services, cement manufacturing and information technology (IT) businesses dragged down its performance.

YTL Corp told the stock exchange yesterday that its net profit in the Jan-March 2020 period plunged to RM29.52mil compared to RM85.8mil in the same quarter last financial year.

As a result of the lower profitability, YTL Corp’s earnings per share fell to 0.28 sen from 0.8 sen a year earlier.

However, the revenue in the third quarter rose by 11.6% y-o-y to RM4.81bil, mainly due to higher topline contribution from the construction and cement manufacturing businesses.

For context, the revenue of the construction segment surged by 232%, while the cement segment’s revenue increased by 66%.

According to YTL, the increase in revenue for the construction segment was due to the significant progress in construction works.

Meanwhile, the cement segment posted stronger revenue due to the consolidation of Malayan Cement Bhd (formerly known as Lafarge Malaysia Bhd) and the increase in sales volume and selling price from operations in China.

The group did not declare a dividend for the third quarter.

Cumulatively, for the first nine months of financial year 2020 (9M20), YTL Corp’s net profit fell by 75.7% y-o-y to RM62.37mil, down from RM256.41 a year earlier.

The revenue for the nine-month period was RM15.64bil, marking an increase of 20.7% y-o-y.

“The group’s financial performance in the final quarter for the financial year ending June 30,2020 is expected to be adversely affected by the coronavirus outbreak, ” YTL Corp said as it commented on its current quarter.

Separately, YTL Power International Bhd announced that its net profit for the third quarter ended March 31 fell by 36.4% y-o-y to RM70.8mil.

YTL Power International Bhd announced that its net profit for the third quarter ended March 31 fell by 36.4% y-o-y to RM70.8mil.YTL Power International Bhd announced that its net profit for the third quarter ended March 31 fell by 36.4% y-o-y to RM70.8mil.

The revenue for the quarter also declined by 10.3% y-o-y to RM2.59bil.

This was because revenue contribution from all of its business segments, except water and sewerage, fell in the third quarter.

It is worth noting that the topline of the power generation business took the worst hit as it declined by 39.3% y-o-y.

As for 9M20, YTL Power recorded a 32.6% y-o-y drop in net profit to RM208.42mil. Meanwhile, the revenue dipped by 3.2% y-o-y to RM8.35bil.

Meanwhile, YTL Hospitality Real Estate Investment Trust (REIT) also announced its financial results for the third quarter ended March 31.

Net profit more than doubled on a year-on-year basis as it surged to RM74.99mil as compared to RM35.37mil a year earlier.

This was despite a 16.7% y-o-y decline in revenue for the three-month period.

The stronger bottomline was mainly due to the “unrealised foreign currency translation gain on borrowings denominated in foreign currencies.”

Cumulatively, for the nine-month period, net profit rose by 62.8% y-o-y to RM132.76mil, while revenue fell by 4.2% y-o-y to RM356.67mil.

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