YTL Corp Quarter-on-Quarter Net Profit Grows 15% to RM18 Million (US$4.2 Million)
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.
YTL POWER INTERNATIONAL BERHAD
YTL Power Registers Half-Year Revenue of RM5.8 Billion (US$1.4 Billion) & Profit Before Tax of RM210 Million (US$51 Million)
YTL Power registered revenue of RM5,755.1 million (US$1,390.1 mn) for the 6 months ended 31 December 2019, compared to RM5,730.8 million (US$1,384.2 mn) for the preceding corresponding period ended 31 December 2018. Meanwhile, profit before tax stood at RM210.1 million (US$50.8 mn) for the period under review compared to RM319.8 million (US$77.2 mn) for the same period last year.
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of YTL Power, said, ''The merchant multi utilities business recorded an increase in revenue due to higher sales of fuel oil, whilst the segment's loss before tax was pared back due to the absence of a one-off charge for impairment of receivables recognised last year and lower depreciation charges in the current period, partially offset by lower vesting contract levels and losses on fuel oil sales. Nevertheless, EBITDA for the segment remained positive.
''Our contracted power generation segment also continued to perform well, with higher generation volume driving increases in revenue and profit before taxation, whilst the water and sewerage segment achieved higher revenue resulting from the price increase allowed by the industry regulator, although profit before tax was impacted by higher operating costs.
''The investing holding segment performed well during this period, registering higher revenue from an increase in accrued technical service income, partially offset by lower interest income. Higher profit before tax was contributed by higher accrued technical service income, lower operating costs and a fair value gain on investments, partially offset by a lower share of profits of investments. Meanwhile, the lack of project revenue in the current quarter resulted in the lower revenue and higher loss before tax in the telecommunications business, although the segment remained EBITDA positive.
''The Group has also received the business viability guarantee letter from Indonesia's Ministry of Finance for Tanjung Jati A, our 1,320 megawatt power generation project in Indonesia, and is continuing to work towards financial close on the project.''
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.
YTL HOSPITALITY REIT
YTL Hospitality REIT Records Half-Year Revenue of RM252 Million & Distributable Income of RM66 Million; Distribution of 1.9158 Sen per Unit Declared
YTL Hospitality REIT recorded an increase in revenue to RM251.8 million for the 6 months ended 31 December 2019, compared to RM246.3 million for the previous corresponding 6 months ended 31 December 2018, whilst net property income (NPI) grew 6.5% to RM133.8 million for the current period compared to RM125.6 million for the same period last year. Income available for distribution increased to RM66.0 million for the period under review over RM65.8 million for the same period last year.
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, ''In the hotel segment, revenue and NPI from the Trust's Australian Properties increased due to continuous improvements in room sales following the completion of the refurbishment exercise carried out on the Brisbane Marriott, together with increased operational efficiency and cost savings. However, the continuous weakening of the Australian Dollar against the Malaysian Ringgit resulted in lower translated revenue and NPI.
''In the property rental segment, the increase in revenue and NPI was mainly due to the additional rentals recorded from the JW Marriott Hotel Kuala Lumpur subsequent to the recent refurbishment completed in June 2019, as well as the acquisition of The Green Leaf Niseko Village in September 2018.''
The Board of Directors of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, declared an interim distribution of 1.9158 sen per unit, the book closure and payment dates for which are 5 March 2020 and 25 March 2020, respectively. The total income distribution amounts to RM32.7 million, representing approximately 100% of the total distributable income for the financial quarter ended 31 December 2019.
View the individual reports here:
YTL CORPORATION BERHAD
YTL POWER INTERNATIONAL BERHAD
MALAYAN CEMENT BERHAD
YTL HOSPITALITY REIT