KUALA LUMPUR (Nov 26): Net profit for YTL Power International Bhd in the first quarter ended Sept 30, 2019 (1QFY20) almost halved to 47%, despite higher revenue. 

The power producer’s net profit declined to RM67.36 million, from RM126.28 million a year ago. However, its revenue grew 5.57% to RM2.96 billion from RM2.80 billion, with most segments achieving higher contribution during the quarter, except telecommunication business. 

Consequently, quarterly earnings per share shrunk to 0.88 sen from 1.64 sen, according to YTL Power's bourse filing.

Segmentally, the group's multi utilities business loss before tax (LBT) widened to RM69.15 million versus RM15.86 million previously, due to significant reduction in vesting contract level and loss on sales of fuel oil, partially offset by lower depreciation charges. 

Telecommunication business’ LBT also increased significantly to RM69.73 million from RM8.27 million in the previous corresponding quarter, due to the absence of project revenue during the quarter under review.

Its power generation business achieved PBT of RM13.69 million, which is 2.8% lower against RM14.07 million the year before. As for its water and sewerage segment, PBT fell 2.7% to RM195.03 million from RM200.49 million, on higher operating costs.

On its investment holding activities, however, the division’s PBT ballooned to RM37.89 million from RM314,000, mainly due to fair value gain on investments and recognition of accrued technical service income. 

YTL Power share price dropped one sen or 1.41% at 70 sen today, bringing it a market capitalisation of RM5.37 billion. It saw some 4.68 million shares traded.