YTL Corp Q2 pre-tax profit up 44% to Rm197mil

KUALA LUMPUR: YTL Corp Bhd’s revenue increased by 10% quarter-on-quarter (q-o-q) to Rm4.59bil for the second quarter ended Dec 31, 2020 compared with Rm4.18bil in the previous quarter.

Profit before tax grew 44% to Rm196.9mil in Q2 from Rm136.8mil in Q1 while profit after tax saw a 75% jump to Rm85.4mil from Rm48.7mil previously.

“The group’s improved profit was primarily due to the better performance in our merchant multi-utilities business segment in Singapore which has seen a solid turnaround, in addition to improved performance in our construction and cement segments, which continued to navigate the ongoing movement control conditions to turn in strong performances for the quarter under review.

“Meanwhile, the group’s earnings before interest, tax, depreciation and amortisation (Ebitda) stood at Rm2bil for the first half of FY21, remaining resilient in the face of the ongoing Covid-19 pandemic, supported by the strength of our utilities, cement and construction businesses,” said executive chairman Tan Sri Francis Yeoh in a statement.

Meanwhile, YTL Power International Bhd recorded an increase in revenue to Rm2.62bil for the second quarter ended Dec 31, 2020 compared with Rm2.5bil in the first quarter.

Profit before tax increased by 90% q-o-q to Rm206.6mil for the quarter from Rm108.9mil previously.

“The significant improvement in YTL Power’s profit for the current quarter under review resulted primarily from better performance recorded by YTL Powerseraya Pte Ltd which carries out the group’s merchant multi-utilities business in Singapore, following the successful recovery of receivables upon the resolution of a litigation case.

“The essential nature of YTL Power’s businesses has ensured that these services continue to function despite restrictions imposed to curb the ongoing pandemic, and Ebitda for the first half of the 2021 financial year stood strong at Rm1.4bil, approximating performance for the same period last year,” said Yeoh.