KUALA LUMPUR (Feb 25): YTL Corp Bhd's net profit for the second quarter ended Dec 31, 2015 (2QFY16) fell 26.9% year-on-year (y-o-y) to RM234.92 million or 2.25 sen per share, from RM321.51 million or 3.1 sen per share, mainly due to weaker performance in its management services and others segment, and lower profit in its property investment and development segment.

The management services and others segment recorded a loss before tax (LBT) of RM75.3 million, as compared to a pretax profit of RM20.8 million, due to higher overhead costs and provision of liquidated ascertained damages by its unit YTL Power Services Sdn Bhd, its bourse filing today showed.

The absence of foreign exchange gain on derivative on exchangeable bonds issued by an offshore subsidiary, also resulted in the segment’s dip into red.

As for its property investment and development segment, profit before tax (PBT) declined 56.6% y-o-y to RM90.1 million, from RM207.6 million.

Meanwhile, the group’s revenue for 2QFY15 fell 6.6% y-o-y to RM3.94 billion, from RM4.22 billion. No dividend was declared for the current quarter under review.

For the cumulative six months’ period (1HFY16), its net profit slipped 18.6% y-o-y to RM437.54 million or 4.2 sen per share, from RM537.64 million or 5.19 million per share, while revenue declined 3.7% y-o-y to RM8.39 billion, from RM8.71 billion.
 
Moving forward, YTL Corp expects performance of all its operating segments in the remaining quarters, to remain satisfactory.

Shares in YTL closed one sen or 0.64% lower at RM1.56 today, for a market capitalisation of RM16.25 billion.