YTL Corp Q3 net profit up 9.4% to RM93.5mil

KUALA LUMPUR: YTL Corp Bhd’s net profit rose 9.4% to RM93.5mil in the third quarter ended March 31 from RM85.4mil in the preceding quarter.

However, the group’s revenue was down 8% to RM4.22bil in the quarter from RM4.59bil in the last quarter.

In a statement, YTL Corp executive chairman Tan Sri Francis Yeoh Sock Ping said the group continues to see good recovery, especially in the utilities division which has registered a marked turnaround in the merchant multi-utilities sub-segment in Singapore, as well as its cement and construction businesses.

“The group’s earnings before tax, interest, depreciation and amortisation remained solid at RM3.1bil for the cumulative nine months ended March 31,2021, despite challenging circumstances faced during the ongoing Covid-19 pandemic, supported primarily by our utilities, cement and construction business segments, ” he said.

Meanwhile, YTL Corp’s utility subsidiary YTL Power International Bhd’s revenue was up to RM2.63bil for the third quarter from RM2.61bil in the second-quarter 2021.

The company posted a pre-tax profit of RM168.6mil for the quarter compared to RM206.6mil in the last quarter.

For the financial year ending June 30,2021 (FY21), YTL Power declared an interim cash dividend of two sen per share, which would be paid on June 29.

“The interim dividend represents a yield of about 3%, based on the prevailing share price of RM0.70 per share, ” it noted.

Yeoh, who is also executive chairman of YTL Power, said the company’s revenue in third-quarter 2021 remained strong at RM2.6bil, while the lower pre-tax profit was mainly to the absence of gain from a litigation award posted in second-quarter 2021.

“For the cumulative nine months of the financial year to date, YTL Power registered revenue of RM7.8bil compared with RM8.3bil in the previous corresponding nine months ended March 31,2020, with profit jumping 65% to RM363.6mil for the nine months ended March 31,2021 over RM220.7mil for the same period last year.

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