YTL Corp's 9-Month Revenue Increases 21% to RM15.6 Billion (US$3.7 Billion) with Profit Before Tax of RM555 Million (US$130 Million)

Kuala Lumpur, 16 June 2020

YTL Corporation Berhad's revenue increased to RM15,642.0 million (US$3,663.2 mn) for the 9 months ended 31 March 2020 compared to RM12,955.9 million (US$3,034.2 mn) for previous year corresponding 9 months ended 31 March 2019, whilst profit before tax stood at RM554.8 million (US$129.9 mn) for the current nine months under review compared to RM842.3 million (US$197.3 mn) for the same period last year.

For the 3-month quarter ended 31 March 2020, YTL Corp's revenue stood at RM4,813.6 million (US$1,127.3 mn) compared to RM5,543.8 (US$1,298.3 mn) for the previous quarter ended 31 December 2019. Profit before tax declined marginally by 1.6% to RM183.9 million (US$43.1 mn) this quarter compared to RM186.8 million (U$43.8 mn) last quarter, although profit attributable to owners of the parent increased 68% to RM29.5 million (US$6.9 mn) for the 3 months ended 31 March 2020, compared to RM17.5 million (US$4.1 million) for the previous 3 months ended 31 December 2019.

YTL Corp Executive Chairman, Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, said,''The 21% increase in revenue to RM15.6 billion for the 9 months ended 31 March 2020 was contributed mainly by our construction and cement segments. The construction segment saw an increase in revenue and profit before tax mainly resulting from significant progress in construction works, whilst our cement business registered increased revenue due mainly to consolidation of Malayan Cement Berhad, coupled with an increase in sales volumes and selling prices, offset by finance costs related to the acquisition of Malayan Cement. 

''Our utilities division has stood as a bulwark, continuing to operate throughout the control period as the businesses all provide essential services – water, electricity and telecommunications. Higher revenue from our water and sewerage business in the United Kingdom was offset by lower revenue from the merchant multi-utilities business in Singapore and the telecommunications division in Malaysia.

''The Group has taken great effort to mitigate the effects of the ongoing COVID-19 pandemic going forward. We remain committed to the prudent financial management that has served us well in times of uncertainty and will continue to monitor ongoing developments in order to best manage the effects on our businesses, as well as seek out worthwhile growth opportunities.''

YTL POWER INTERNATIONAL BERHAD
YTL Power Records 9-Month Revenue of RM8.3 Billion (US$2.0 Billion) & Profit Before Tax of RM326 Million (US$76 Million)

YTL Power registered revenue of RM8,345.6 million (US$1,954.5 mn) for the 9 months ended 31 March 2020, compared to RM8,618.4 million (US$2,018.4 mn) for the preceding corresponding period ended 31 March 2019, whilst profit before tax stood at RM325.8 million (US$76.3 mn) for the current period under review compared to RM487.1 million (US$114.1 mn) for the same period last year.

Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of YTL Power, said, ''Our Group's utilities businesses are essential in nature and, therefore, have continued to operate throughout the current control period which has seen the implementation of various movement control orders and limited the operation of non-essential services in countries where we operate.

''The water and sewerage segment in the United Kingdom recorded higher revenue as differing weather conditions led to changes in supply volumes. However, the adverse weather conditions led to increased sewerage costs, impacting profit before tax. Businesses like Wessex Water, which build up a regulated asset base (RAB) that increases in value over time, have proven time and time again to be a valuable safeguard particularly during periods of uncertainty. Over the past 5 years, for example, we have seen the increase in Wessex Water's RAB value from RM15.11 billion (GBP2.75 billion) to RM17.79 billion (GBP3.35 billion). As we continue to invest further, the RAB value is expected to increase further to RM20.66 billion (GBP3.89 billion) by the end of the current regulatory pricing period in 2025.

''In our merchant multi-utilities business in Singapore, revenue remained marginally the same as the same period last year, while the segment's loss before tax narrowed due to higher retail and tank leasing margins and lower depreciation charges recorded in the current period. We are also working towards completion of our proposed acquisition of the Tuaspring power plant which is expected to contribute positively going forward.

''The telecommunications business recorded lower revenue and a higher loss before tax due to lower project revenues recorded. However, the segment continues to be EBITDA positive.''

MALAYAN CEMENT BERHAD (formerly known as Lafarge Malaysia Berhad)
Malayan Cement Records 15-Month Revenue of RM2.3 Billion & Loss Before Tax of RM239 Million

Malayan Cement recorded revenue of RM2,280.9 million for the 15 months ended 31 March 2020 and loss before tax for the period under review of RM239.1 million. For the 3-month quarter ended 31 March 2020, revenue stood at RM357.9 million, whilst loss before tax was RM38.6 million. There are no preceding quarter and year-to-date comparisons due to the change of the financial year end from 31 December to 30 June.

Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of Malayan Cement, said, ''The Group's revenue was impacted by the reduction in domestic cement demand and was further dampened by the movement control order that started on 18 March 2020 to curb the spread of COVID-19. The Group carried out vigorous cost cutting measures and manpower rationalisation to mitigate the impact of lower domestic cement demand''.

YTL HOSPITALITY REIT
YTL Hospitality REIT Records 9-Month Revenue of RM357 Million & Distributable Income of RM100 Million

YTL Hospitality REIT's revenue stood at RM356.7 million for the 9 months ended 31 March 2020, compared to RM372.2 million for the previous corresponding 9 months ended 31 March 2019, whilst net property income (NPI) of RM190.9 million was recorded for the current period as compared to RM193.0 million recorded for the same period last year. Income available for distribution increased to RM100.1 million for the period under review over RM98.4 million last year. 

Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, ''In the Trust's hotel segment, revenue and NPI from the Sydney Harbour, Brisbane and Melbourne Marriott hotels in Australia were impacted by the COVID-19 pandemic from February 2020. Australia's borders were then closed to all non-residents from 20 March 2020 as the government implemented stricter social distancing measures to contain the pandemic. However, the 3 hotels participated in the Australian government's programme for self-isolating guests and remained in operation throughout, and we took immediate measures to review business continuity plans, tighten cost saving measures and delay non-essential capital expenditures to mitigate the financial impact.

''In the property rental segment, the increase in revenue and NPI was mainly the result of additional rentals recorded from the JW Marriott Hotel Kuala Lumpur following the refurbishment completed in June 2019. The acquisition of The Green Leaf Niseko Village in September 2018 also contributed to the increase in revenue and NPI in the current financial period.''

The frequency of YTL Hospitality REIT's income distribution has been changed to semi-annually from quarterly, effective from the current financial quarter ended 31 March 2020. Therefore, no income distribution was declared for the current financial quarter. The Manager believes that the switch to semi-annual distributions for each 6-month period ending 30 June and 31 December will enable the Trust to preserve and better manage its cashflow and achieve savings in terms of cost and administrative resources in view of the unprecedented COVID-19 pandemic.

View individual reports below:

YTL CORPORATION BERHAD
YTL POWER INTERNATIONAL BERHAD
YTL HOSPITALITY REIT
MALAYAN CEMENT BERHAD (formerly known as Lafarge Malaysia Berhad)