YTL’s Q2 Net Profit Soars 75 Per Cent
By June Ramli
YTL Corp Bhd revenue increased by 10 per cent to RM4.59 billion for the quarter ended 31 December 2020 compared to RM4.18 billion for the previous quarter ended 30 September 2020.
The company’s profit before tax grew 44 per cent to RM196.9 million for the three months ending 31 December 2020 compared to RM136.8 million recorded in the previous quarter, while profit after tax grew by 75 per cent to RM85.4 million in this quarter over RM48.7 million in the previous quarter.
YTL Corp Executive Chairman, Tan Sri Francis Yeoh said: “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 RM2 billion for the first half of the 2021 financial year, remaining resilient in the face of the ongoing COVID-19 pandemic, supported by the strength of our utilities, cement and construction businesses,” he said.
The group’s power producer, YTL Power also recorded an increase in revenue to RM2.62 billion for the quarter ended 31 December 2020 compared to RM2.5 billion for the previous quarter ended 30 September 2020.
Profit before tax increased by 90 per cent to RM206.6 million for the quarter ended 31 December 2020 compared to RM108.9 million in the previous quarter.
“The significant improvement in YTL Power’s profit for the current quarter under review resulted primarily from a better performance recorded by YTL PowerSeraya Pte Limited 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 RM1.4 billion, approximating performance for the same period last year,” Yeoh said.
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