Friday 29 Mar 2024
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KUALA LUMPUR (May 24): YTL Corp Bhd’s net profit for the third quarter ended March 31, 2018 fell 52.4% to RM136.25 million from RM285.95 million a year ago, on lower construction margins and higher operating costs.

Earnings per share declined to 1.29 sen from 2.74 sen, according to the group’s filing with the stock exchange.

YTL Corp said the lower earnings was also due to a loss recorded for its management services segment. This was due to the absence of the one-off adjustments arising from accounting treatment of loan restructuring recorded by an associated company, and higher finance costs incurred by YTL Power International Bhd Group.

Revenue for the third quarter increased 4.4% to RM3.88 billion from RM3.72 billion, mainly due to better site progress for the group’s construction segment, as well as contribution from its hotels segment, namely Hotel Stripes in Kuala Lumpur, Sydney Harbour Marriott Hotel in Australia and three newly acquired hotels in the United Kingdom.

YTL Corp said its net profit for the nine months ended March 31, 2018 dropped 30.6% to RM405.24 million from RM583.97 million a year ago.

Revenue for the nine months grew 8.1% to RM11.71 billion from RM10.83 billion previously.

As for its prospects, YTL Corp said the performance of its respective segments — construction, information technology & e-commerce, cement manufacturing & trading, property investment & development, management services and hotels — is expected to be satisfactory.

YTL Corp shares closed down 1.5 sen or 1.5% today at 99.5 sen, with a market capitalisation of RM10.69 billion.

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