KUALA LUMPUR (Nov 24): YTL Power International Bhd's net profit for the first quarter ended Sep 30, 2022 (1QFY2023) jumped almost five times year-on-year on stronger contribution from its power generation business thanks to higher retail prices in Singapore.

Net profit soared to RM173.28 million for 1QFY2023, from just RM35.4 million a year ago, while revenue grew 35% over the same period to RM4.74 billion from RM3.51 billion.

The group's stronger earnings from power generation were partially offset by weaker contribution from water and sewerage business and larger loss incurred by its telecommunication division.

YTL Power said the water and sewerage segment was hurt by the effect of inflationary pressures both on costs as well as on index-linked bond interest, while higher loss incurred by the telecommunication division was mainly due to lower revenue.

As power generation is an essential service, YTL Power said electricity demand is expected to remain stable going forward.

"This segment will continue to focus on customer service and diversification beyond the core business into integrated multi-utilities supply," the group said.

YTL Power's share price, which has gained 18% year-to-date, closed one sen or 1.49% higher at 68 sen per share on Thursday (Nov 24), giving it a market capitalisation of RM5.55 billion.