Friday 29 Mar 2024
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KUALA LUMPUR (Nov 24): YTL Corp Bhd's (YTL) net profit fell by 65.21% in the first quarter ended Sept 30, 2022 (1QFY2023) to RM36.6 million or 0.33 sen per share from RM105.22 million (1QFY2022) or 0.96 sen per share due to higher construction and finance costs incurred.
 
Revenue rose 28% to RM6.49 billion from RM5.06 billion.
 
In a bourse filing on Thursday (Nov 24), YTL’s Utilities segment contributed biggest to revenue for 1QFY2023 at RM4.62 billion, followed by Cement and Building Materials Industry (RM1.12 billion).

The first quarter report stated that higher revenue for the power generation division under Utilities was due to the higher pool and retail prices while profit before tax increased mainly due to higher retail prices.

“For the telecommunications division, lower revenue and higher loss before tax were recorded mainly due to lower project revenues,” according to the report.

“As for the Water & Sewerage division, lower profit before taxation was mainly due to the effect of inflationary pressures both on base costs (energy in particular) and on index linked bond interest (non-cash impact).”

Meanwhile, the report added that the increase in revenue and profit before tax for the Cement and Building Materials Industry segment was reflective of normalising economic activity towards the endemic phase of the Covid-19 pandemic.

In relation to prospects: “The group expects the performance of its business segments to remain resilient as these segments’ operations are substantially essential in nature.

“The group will continue to closely monitor the related risks and impact on all business segments.”

According to a press statement on Thursday (Nov 24), YTL’s Executive Chairman Francis Yeoh Sock Ping said: “The group made a good start to the 2023 financial year, with revenue surging to RM6.5 billion and profit before tax increasing to RM204 million, with better performance recorded across most of our business segments.

“The group’s EBITDA (earnings before interest, tax, depreciation and amortisation) remained robust at RM1.2 billion for the quarter under review.”

At market close, YTL Corp Bhd’s share price went up one sen or 1.85% to 55 sen, with a market capitalisation of RM6.06 billion.

Edited ByIsabelle Francis
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