YTL Corp registers RM36.6mil net profit in 1Q

YTL Corp executive chairman Tan Sri Francis Yeoh Sock Ping

KUALA LUMPUR: YTL Corp Bhd remains hopeful for a strengthening in most of the business segments it operates in.

Its executive chairman Tan Sri Francis Yeoh said the group made a good start to the financial year 2023 as better performance had been recorded across most of its business segments.

The diversified group said its revenue grew by 28% year-on-year (yoy) to RM6.5bil in the first quarter ended Sept 30

It also said its pretax profit grew 952% to RM204mil after adjusting for the gain on sale of lands of RM306mil recorded for the same quarter last year.

Its net profit for the quarter fell to RM36.6mil from RM105.2mil in the same quarter a year ago.

“The group’s earnings before interest, tax, depreciation and amortisation (Ebitda) remained robust, at RM1.2bil for the quarter under review,” Yeoh said in a statement.

In terms of operations, the group's pretax profit had been buoyed mainly by the cement and building materials which grew 302% and the hotel segment which rose 331% yoy.

The cement and building materials industry's performance was reflective of normalising economic activity as the country moved towards endemicity, it said.

The group also noted that the hotels segment had benefited from an increase in revenue was mainly attributable to better performance of its hotels and resorts following the easing of pandemic restrictions including the opening of international borders and the resumption of economic activities.

"The group is continuously taking steps to proactively manage the business and take necessary actions to ensure that the group’s long-term business prospects remain stable. Notwithstanding the short-term challenges, the group remains confident in the long-term prospects of the hospitality sector," YTL Corp said.

Commenting on its prospects moving forward, it said its construction segment remains committed to ensure that all construction work-in-progress are on track and will be completed on time.

"This segment is expected to contribute positively based on its current order book," YTL said in the notes accompanying its financial statements.

Meanwhile, YTL Power International Bhd's (YTLP) said its pretax profit grew 124% yoy to RM224.9mil for quarter.

YTLP's net profit rose by 227% yoy to RM167.6mil in the quarter on the back of revenue rising 35% yoy to RM4.74bil.

Yeoh who is also the executive chairman of YTLP said the improved results were mainly due to the better performance of YTL PowerSeraya Pte Ltd in Singapore.

"This was driven by higher pool and retail prices, with Wessex Water Ltd and the Brabazon property project in the United Kingdom also contributing to the higher revenue," Yeoh said.

On the performance of Malayan Cement Bhd, Yeoh who is also its executive chairman said that improvements were recorded in the recent quarter due mainly to the full consolidation of the new cement and ready-mixed concrete businesses that were acquired in Sept 2021.

Malayan Cement’s said its revenue increased yoy by 202% to RM858.9mil for the quarter.

It also posted a turnaround as pretax profit jumped 113% yoy to RM4.1mil for the current quarter.

YTL Hospitality REIT's net property income of RM58.1mil for the current quarter almost equalled that of the same period last year.

But income available for distribution grew 73% yoy to RM30.9mil for the current quarter, it said.

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