KUALA LUMPUR: YTL Corporation Bhd’s net profit jumped to RM96.91 million for the second quarter ended Dec 31, 2022 (2Q FY2023) from the RM2.04 million recorded a year earlier.
Its revenue, however, was lower at RM6.59 billion from RM6.85 billion previously, due to the lower progress of construction works and utilities segments.
"For the current financial quarter under review, the cement and building materials industry revenue increased significantly mainly attributed to the increase in selling price in domestic and Singapore markets.
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"For the current financial quarter under review, the increase in property investment & development revenue was mainly due to sales recorded by the ongoing projects in Kuala Lumpur and Ipoh coupled with sales recorded under the development project undertaken by YTL Property Holdings (UK) Ltd.
"For the current financial quarter/period under review, the increase in management services & others revenue and reduction in loss before tax was mainly due to higher interest income recorded by YTL Power International Bhd,” it said.
On prospects of construction, the company said that with the continuing recovery of the economy, management is proactively taking action to ensure construction work-in-progress is on track and to replenish its order book.
On prospects of telecommunications business, it said by continuing to offer affordable data plans and offering innovative 5G services, the segment is looking to increase its subscriber base bolstered by partnerships and collaborations.
"The group expects the performance of its business segments to remain resilient as these segments' operations are substantially essential in nature.
"The group will continue to closely monitor the related risks and impact on all business segments,” it said. - Bernama