Press Releases

YTL Corp's Records 1st Quarter Revenue of RM4.2 Billion (US$1.0 Billion) & Profit Before Tax of RM137 Million (US$33 Million)

Kuala Lumpur, Tuesday 26 November 2020

YTL Corporation Berhad recorded an 18.2% increase in revenue to RM4,178.8 million (US$1,019.2 mn) for the 3 months ended 30 September 2020 compared to RM3,536.4 million (US$862.5 mn) for the previous quarter ended 30 June 2020.
Profit before tax also improved to RM136.8 million (US$33.4 mn) for the current quarter compared to a loss before tax of RM135.5 million (US$33.1 mn) recorded in the last quarter.

YTL Corp Executive Chairman, Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, said, ''The Group recorded significantly better performance for the current quarter under review compared to the previous quarter ended 30 June 2020, driven mainly by our cement and utilities segments. Malayan Cement, which we acquired in May 2019, returned to profitability on a before-tax basis this quarter, as did our merchant multi-utilities business segment in Singapore, putting us on the right trajectory as we continue to navigate the disruptions brought on by the ongoing pandemic''.

Comparison with Preceding Quarter

	Current Quarter 30.09.2020 RM ‘000	Preceding Quarter 30.06.2020 RM ‘000	Variance %
Revenue	4,178,828	3,536,429	+18%
Profit/(loss) before taxation	136,846	(135,522)	+201%
Profit/(loss) after taxation	48,700	(321,219)	+115%

YTL POWER INTERNATIONAL BERHAD
YTL Power Registers 1st Quarter Revenue of RM2.5 Billion (US$610 Million) & Profit Before Tax of RM109 Million (US$27 Million)

YTL Power recorded an increase in revenue to RM2,502.8 million (US$610.4 mn) for the 3 months ended 30 September 2020, compared to RM2,291.6 million (US$558.9 mn) for the preceding quarter ended 30 June 2020. Profit before tax increased to RM108.9 million for the current quarter under review compared to RM99.4 million (US$ 24.2 mn) in the previous quarter.

Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, Executive Chairman of YTL Power, said, “YTL Power recorded a 9.5% increase in profit before tax to RM108.9 million for the quarter under review primarily due to better performance of the merchant multi-utilities business in Singapore and the water and sewerage sub-segment in the UK. The performance of our Singapore business, which has returned to profitability after several quarters of losses due to the overcapacity situation in the market, is particularly promising and bodes well for our performance this year”.

Comparison with Preceding Quarter

	Current Quarter 30.09.2020 RM ‘000	Preceding Quarter 30.06.2020 RM ‘000	Variance %
Revenue	2,502,830	2,291,570	+9.2%
Profit/(loss) before taxation	108,857	99,403	+9.5%
Profit/(loss) after taxation	77,876	(93,041)	>100.0%

MALAYAN CEMENT BERHAD
Malayan Cement Registers 1st Quarter Revenue of RM368 Million (US$90 Million) & Profit Before Tax of RM1.3 Million (US$0.3 Million)

Malayan Cement recorded an increase in revenue to RM367.9 million (US$89.7 mn) for the quarter ended 30 September 2020 compared to RM126.0 million (US$30.7 mn) for the preceding quarter ended 30 June 2020, with profit before tax of RM1.3 million (US$ 0.3 mn) in the current quarter compared to a loss before tax of RM77.3 million (US$18.9 mn) for the last quarter ended 30 June 2020.

Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, Executive Chairman of Malayan Cement, said, “The Group’s results, which were impacted by the Government’s Movement Control Order in the last quarter, have shown significant improvement, returning to profitability on a before-tax basis in the current quarter. This turnaround resulted mainly from the vigorous cost cutting and streamlining measures undertaken to improve performance”.

Comparison with Preceding Quarter

	Current Quarter 30.09.2020 RM ‘000	Preceding Quarter 30.06.2020 RM ‘000	Variance %
Revenue	367,907	126,039	>100.0%
Profit/(loss) before taxation	1,320	(77,309)	>100.0%

YTL HOSPITALITY REIT
YTL Hospitality REIT Records 1st Quarter Revenue of RM79 Million & Distributable Income of RM17 Million

YTL Hospitality REIT recorded revenue of RM79.0 million for the 3 months ended 30 September 2020, a 13.3% increase compared to RM69.8 million for the previous quarter ended 30 June 2020.

Net property income (NPI) also rose to RM53.0 million this quarter over RM44.3 million for the previous quarter, whilst income available for distribution stood at RM16.8 million for the period under review compared to RM27.0 million for the preceding quarter.

Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, Executive Chairman of Pintar Projek Sdn Bhd, the Manager of YTL Hospitality REIT, said, “The Trust recorded higher profit before tax this quarter compared to the last quarter ended 30 June 2020 due to a decrease in foreign currency translation losses recorded this quarter, as well as the absence of a fair value loss on properties of RM28.1 million recorded in the last quarter.

“In the hotel segment, revenue and NPI from the Sydney Harbour, Brisbane and Melbourne Marriott hotels in Australia have shown improvement resulting from their participation in the Australian Government’s isolation programmes and the subsidy from its jobseeker programme.

“In the property rental segment, the increase in the revenue and NPI was due to the recognition of lease income on a straight-line basis over the tenure of the lease following the rental variations for the Trust’s hotels in Malaysia and Hilton Niseko in Japan, which reduced the lease rentals by 50% for 24 months until 30 June 2022.”

Comparison with Preceding Quarter

	Current Quarter 30.09.2020 RM ‘000	Preceding Quarter 30.06.2020 RM ‘000	Variance %
Revenue	79,041	69,773	+13.3
NPI	53,003	44,281	+19.7
Profit/(Loss) Before Tax	17,056	(122,023)	+114.0
Income Available for Distribution	16,843	27,035	-37.7