KUALA LUMPUR (May 28): YTL Corp Bhd posted a 9% increase in its net profit to RM93.5 million for the third quarter ended March 31, 2021 (3QFY21), from RM85.4 million in the preceding quarter.

Revenue fell 8% quarter-on-quarter (q-o-q) to RM4.22 billion, from RM4.59 billion in 2QFY21.

"We have continued to see good recovery, particularly in our key utilities division which has registered a marked turnaround in the merchant multi-utilities subsegment in Singapore, as well as our cement and construction businesses," said YTL Corp executive chairman Tan Sri Dr Francis Yeoh Sock Ping in a statement.

He said the group's pre-tax profit remained solid at RM3.1 billion for the cumulative nine months ended March 31, 2021, despite challenging circumstances due to the Covid-19 pandemic.

Meanwhile, YTL Power International Bhd — the power arm of YTL Corp — posted a pre-tax profit of RM168.6 million for the quarter, down 18% from RM206.6 million in the preceding quarter, while revenue increased to RM2.64 billion from RM2.62 billion.

YTL Power declared an interim cash dividend of two sen per share for the financial year ending June 30, 2021, to be paid on June 29.

"YTL Power's revenue for the quarter under review remained strong at RM2.6 billion, whilst the lower profit before tax was due mainly to the absence of the gain from a litigation award recorded in the previous quarter ended Dec 31, 2020," said Yeoh.

For the cumulative three quarters, YTL Power's revenue stood at RM7.8 billion, down 6% year-on-year from RM8.3 billion, while pre-tax profit for the period jumped 65% to RM363.6 million from RM220.7 million.

The group's cement subsidiary Malayan Cement Bhd posted a 7% increase in revenue to RM374.8 million for the quarter from RM350.5 million in 2QFY21, while pre-tax profit stood at RM4 million versus a pre-tax loss of RM6.4 million.

Yeoh attributed the improvement to increased domestic cement and clinker sales, coupled with improved export levels.

"Although the Movement Control Order was reinstated in January 2021, the restrictions have been less stringent, allowing works on main public infrastructure projects and buildings to continue," he said.

YTL Hospitality REIT reported a marginal increase in revenue to RM79 million, from RM78.8 million for the preceding quarter.

Its net property income stood at RM48.4 million, slightly lower than the RM49.1 million posted last quarter, while income available for distribution increased to RM19 million for the quarter under review from RM17.4 million.

Yeoh, who is also executive chairman of Pintar Projek Sdn Bhd — the manager of YTL Hospitality REIT, said the real estate investment trust's revenue remained relatively stable due to the participation of the hotels in its Australian portfolio in the government isolation group business.

"However, the decrease in the net property income from the Australian properties was due to the cessation of government subsidies for the Brisbane Marriott from October 2020 onwards," Yeoh said.

At 4.05pm, YTL Corp's share price was one sen or 1.5% higher at 68 sen, giving a market capitalisation of RM7.5 billion.

Malayan Cement rose two sen or 0.6% to RM3.16, valuing the company at RM2.69 billion.

YTL Hospitality REIT fell one sen or 1.2% to 82.5 sen, for a market capitalisation of RM1.41 billion.