YTL Corp Quarter-On-Quarter Net Profit Grows 15%
Half-Year Revenue Jumps 25% to RM10.8 Billion (US$2.6 Billion) with Profit Before Tax of RM371 Million (US$90 Million).
Kuala Lumpur, Thursday 20 February 2020.
YTL Corporation Berhad’s revenue increased to RM10,828.5 million (US$2,615.6 mn) for the 6 months ended 31 December 2019 compared to RM8,643.1 million (US$2,087.7 mn) for the preceding corresponding 6 months ended 31 December 2018. Profit before tax stood at RM370.9 million (US$90.0 mn) for the first half of the current financial year ending 30 June 2020 compared to RM566.2 million (US$136.8 mn) for the same period last year.
YTL Corp Executive Chairman, Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, said, ”The Group registered a 25% increase in revenue to RM10.8 billion for the 6 months ended 31 December 2019 with most segments contributing to the increase. Our utilities division registered a marginal increase in revenue mainly attributed to higher fuel oil sales in the merchant multi-utilities business, although profit before tax was impacted by the loss recorded in the telecommunications sub-segment.
‘‘The construction segment saw better revenue and profit before tax as a result of the significant increase in construction works carried out, whilst in our cement segment, the increase in revenue was mainly the result of the consolidation of Malayan Cement Berhad and an increase in sales volumes and selling prices from all other divisions, offset by the higher finance costs related to the acquisition of Malayan Cement.
”Meanwhile, the increase in revenue in the property investment and development segment resulted from the sale of completed properties, although profit before tax was lower on the back of losses recognised on sales of completed units and fees incurred on the 3 Orchard By-The-Park project. The hotels segment achieved higher revenue and profit before tax due mainly to The Westin Perth and the sales and profit recognition of the Hinode Hills project in Niseko Village in Hokkaido, Japan.”
Meanwhile, YTL Corp’s revenue for the 3-month quarter ended 31 December 2019 grew 4.9% to RM5,543.8 million (US$1,339.1 mn) compared to RM5,284.7 million (US$1,276.5 mn) for the preceding quarter ended 30 September 2019. Profit before tax grew 1.5% to RM186.8 million (US$45.1 mn) for the current quarter compared to RM184.1 million (US$44.5 mn) for the last quarter whilst net profit attributable to owners of the parent increased 15% to RM17.5 million (US$4.3 million) compared to RM15.3 million (US$3.7 million) for the last quarter.
MALAYAN CEMENT BERHAD (formerly known as Lafarge Malaysia Berhad)
Malayan Cement Records 12-Month Revenue of RM1.9 Billion & Pares Back Loss Before Tax to RM201 Million
Malayan Cement recorded revenue of RM1,923.0 million for the 12 months ended 31 December 2019 compared to RM2,122.3 million for the preceding corresponding period ended 31 December 2018, with the loss before tax for the period under review decreasing to RM200.5 million compared to RM405.4 million for the same period last year.
Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of Malayan Cement, said, ”The drop in revenue was mainly the result of lower cement sales as domestic market conditions remain weak, although this was partially offset by an increase in export volumes and prices as well as improved sales by our Singapore subsidiary. The loss before tax showed significant improvements due mainly to savings from vigorous cost cutting measures, lower distribution costs and lower depreciation, in addition to savings from manpower rationalisation.”
As of 18 November 2019, the financial year end of Malayan Cement was changed to 30 June, from 31 December previously./.
Source: YTL Corporation Berhad
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