KUALA LUMPUR (Feb 23): YTL Power International Bhd’s second quarter net profit fell 18.15% to RM136.49 million, from RM166.76 million a year earlier, upon dips recorded in a majority of its operating segments.

Earnings per share (EPS) stood at 1.74 sen in the second quarter ended Dec 31, 2017, compared with 2.15 sen in the previous corresponding quarter.

The group said in a stock exchange filing that its power generation (contracted) unit returned to the black with a RM14.42 million profit before tax from a RM26.11 million loss before tax.

The group's segments comprising multi utilities business (merchant), water and sewerage, and investment holding activities recorded lower contribution. Its mobile broadband network segment posted wider losses before tax at RM20.11 million from RM15.42 milliom previously.

Revenue for the second quarter grew 7.15% to RM2.64 billion from RM2.46 billion, the group added.

For the cumulative six months, YTL Power’s net profit slipped 14.16% year-on-year to RM268.95 million from RM313.3 million, while EPS fell to 3.44 sen from 4.05 sen.

Cumulative revenue climbed 8.61% to RM5.22 billion from RM4.81 billion.

Going forward, YTL Power said its power generation project in Indonesia is in a development stage and is expected to achieve financial close.

As for its 45%-owned Attarat Power Co — which is developing a 554 megawatt shale oil fired power generation project in Hashemite, Jordan — construction has commenced, with operations expected in mid-2020.

YTL Power said its multi utilities business expects the electricity market in Singapore to remain competitive due to volatility across global markets and generation capacity oversupply in the wholesale electricity market.

However, it will continue to focus on customer service, diversification beyond the core business into integrated multi-utilities supply and non-regulated ancillary businesses in steam sales, oil storage tank leasing, bunkering services and potable water sales.

As for the mobile broadband network business, YTL Power said it will come up with more competitive products to raise subscriber base to generate higher revenue, supported by the launch of its nationwide 4G LTE and Voice-over-LTE (VoLTE) services in the preceding year.

YTL Power's share price fell two sen or 1.64% to RM1.20 today, for a market capitalisation of RM9.41 billion.