YTL Corp recovery expected in the second half

YTL Corp's results were below expectations as its core net profit fell 82% impacted by Covid-19, movement control order (MCO) and the shutdown of the Rawang cement plant, CGS-CIMB Equities Research said.

KUALA LUMPUR: YTL Corp Bhd’s nine-month financial year 2020 (9M20) results were below expectations as its core net profit fell 82% year-on-year (yoy) impacted by Covid-19, movement control order (MCO) and the shutdown of the Rawang cement plant, CGS-CIMB Equities Research said.

“We expect 4Q20 to be weaker quarter-on-quarter (qoq) and yoy (full impact of the MCO) but this is largely reflected in the share price, underpinned by a recovery in the second half of calendar year 2020 (2HCY20).