(Singapore, 25/11/2022) YTL Corp Bhd’s (YTL)’s revenue increased by 28% to RM6,488.7million (US$1,401.4mn) for the 3 months ended 30 September 2022 compared to RM5,064.6 million (US$1,093.9mn) for the previous corresponding quarter ended 30 September 2021.
The company’s pretax profit jumped 952% to RM204.0 million (US$44.1mn) for the current quarter compared to RM19.4 million (US$4.2mn) recorded for the same quarter last year, after adjusting for the gain on sale of lands of RM306.0 million.
According to the press statement, its executive chairman Tan Sri Francis Yeoh Sock Ping said, The group made a good start to the 2023 financial year, with better performance recorded across most of our business segments.”
Meanwhile, YTL Power’s profit after tax increased by 227% to RM167.6 million this quarter compared to RM51.3 million for the same quarter last year. Its revenue increased 35% to RM4,744.5 million from RM3,513.5 million.
Francis Yeoh said, “The improved results were due primarily to better performance of YTL PowerSeraya Pte Ltd in Singapore, driven by higher pool and retail prices, with Wessex Water Limited and its Brabazon project in the United Kingdom also contributing to higher revenue.”
On the performance of Malayan Cement Bhd, it posted a turnaround as profit before tax jumped 113% yoy to RM4.1mil for the current quarter. Its revenue increased yoy by 202% to RM858.9mil for the quarter.
Francis Yeoh who is also its executive chairman said that improvements were due mainly to the full consolidation of the new cement and ready-mixed concrete businesses that were acquired in Sept 2021.
For YTL Hospitality REIT, it recorded a higher revenue of RM112.3 million for the 3 months ended 30September 2022, a 24% increase compared to RM90.2 million last year. Besides, its income available for distribution grew 73% to RM30.9 million for the current quarter compared to RM17.9 million for the corresponding quarter last year.
Francis Yeoh, who is also the manager of YTL Hospitality REIT, said, “Revenue and NPI from the Trust’s hotel segment increased due to the reopening of international borders in early 2022. Meanwhile, its distributable income increased due to the normalisation of rental after the end of the rental deferral programme on 30 June 2022”.