YTL Corp’s FY2021 net loss expands to RM368.69m

In a filing with Bursa Malaysia today, the conglomerate said the Covid-19 pandemic has impacted various operating business segments, especially in its construction business, whereby the decrease in revenue was due to the lower progress of construction works. — Bernama pic
In a filing with Bursa Malaysia today, the conglomerate said the Covid-19 pandemic has impacted various operating business segments, especially in its construction business, whereby the decrease in revenue was due to the lower progress of construction works. — Bernama pic

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KUALA LUMPUR, Sept 8 — YTL Corporation Bhd (YTL Corp) expanded its net loss to RM368.69 million in the financial year ended June 30, 2021 (FY2021), compared with a net loss of RM189.22 million in the same period last year.

Revenue also eased to RM17.36 billion versus RM19.18 billion recorded previously.

In a filing with Bursa Malaysia today, the conglomerate said the Covid-19 pandemic has impacted various operating business segments, especially in its construction business, whereby the decrease in revenue was due to the lower progress of construction works.

For its cement and building materials industry, the group said revenue decreased marginally due to lower demand in the concrete business.

Meanwhile, for the property investment and development, the group said the decrease in revenue was mainly due to the deconsolidation of the results of YLT Corp-controlled Starhill Global Real Investment Trust.

“Lower sales were also recorded in The Fennel project undertaken by its subsidiary Sentul Raya Sdn Bhd and the 3-Orchard By-The-Park project undertaken by YTL Westwood,” said the group.

On prospect, YTL Corp said the group’s businesses have been cushioned by its utilities segment.

“Essential services continued to operate throughout the movement control order period as well as the construction and cement segments which re-commenced in stages as permitted where operations have normalised.

“Furthermore, the ongoing progress in vaccine development and recent commencement of vaccination programmes in most countries where the group operates, including the rollout of Malaysia’s vaccination programme, are vital developments, providing the pathway for a return to normalcy and economic recovery,” it said.

For the cement and building materials industry, the group maintains its view that the solid dynamics of its main markets remain intact.

“Key growth drivers, such as infrastructure requirements and demand for housing from urbanisation, will continue to underpin demand growth in the longer term.

“Despite the challenging outlook, the group expects the performance of its business segments to remain resilient as these segments’ operations are substantially essential in nature,” said YTL Corp.

The group will continue to closely monitor the related risks and impact on all business segments, it said, adding that the group has also declared an interim dividend of 2.5 sen per ordinary share for the financial year ended June 30, 2021.

The interim dividend will be paid on October 12, 2021, said the group. — Bernama

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