Better performance by YTL Corp on cement, utilities ops

YTL Franceis Yeoh

PETALING JAYA: YTL Corp Bhd posted an 18.2% increase in revenue to RM4.2bil for the three months ended Sept 30,2020 compared with RM3.5bil for the previous quarter ended June 30,2020.

Pre-tax profit improved to RM136.8mil for the current quarter compared to a pre-tax loss of RM135.5mil recorded in the last quarter.

Executive chairman Tan Sri Francis Yeoh Sock Ping (pic below) said the sequential improvement in performance was mainly driven by its cement and utilities segments.

Malayan Cement Bhd, which YTL Corp acquired in May 2019, returned to profitability on a pre-tax basis in the end-September quarter as did its merchant multi-utilities business segment in Singapore.

He said that improvement has put the group “on the right trajectory as we continue to navigate the disruptions brought on by the ongoing pandemic.”

YTL Power recorded revenue of RM2.5bil for the three months ended Sept 30 compared with RM2.3bil for the preceding quarter.

Pre-tax profit increased to RM108.9mil from RM99.4mil in the previous quarter.

Yeoh said the increase in pre-tax profit was primarily due to better performance of the merchant multi-utilities business in Singapore and the water and sewerage sub-segment in the UK.

“The performance of our Singapore business, which has returned to profitability after several quarters of losses due to the overcapacity situation in the market, is particularly promising and bodes well for our performance this year, ” he said in a statement.

YTL Hospitality REIT recorded revenue of RM79mil for the three months ended Sept 30, a 13.3% increase compared to RM69.8mil for the previous quarter ended June 30.

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