KUALA LUMPUR, June 16 — YTL Corporation Bhd’s (YTL Corp) net profit for the third quarter ended March 31, 2020 (Q3), declined to RM29.52 million compared with RM85.79 million recorded in the same quarter a year ago.
Revenue, however, rose to RM4.81 billion from RM4.31 billion previously.
In a filing with Bursa Malaysia today, it said for the nine months under review, the group recorded a lower net profit of RM62.37 million compared with RM256.40 million registered in the same period in 2019, while revenue expanded to RM15.64 billion from RM12.95 billion previously.
The higher revenue was mainly due to the consolidation of Malayan Cement Bhd (MCB) and the increase in sales volume and selling price from operations in China.
“Despite the higher revenue, the lower profit was due to finance costs related to the acquisition of MCB,” the group said.
The property investment and development segment recorded lower revenue mainly due to the rental assistance extended to eligible tenants in Singapore, Malaysia and China to cushion the impact of COVID-19 pandemic undertaken by Starhill Global Real Investment Trust.
However, the segment posted a higher profit driven by higher unrealised foreign exchange gain on borrowings denominated in foreign currencies recorded by YTL Hospitality REIT.
Meanwhile, the utilities segment posted lower revenue mainly due to the lower energy payment by the power generation division.
On prospects, YTL Corp expects performance in the final quarter of its financial year ending June 30, 2020 to be adversely affected by the coronavirus outbreak.
However, the company said its businesses have been cushioned by the utilities segment which by nature are essential services that have continued to operate throughout the current movement control period. — Bernama