YTL Corp 1Q Net Profit Shrinks To RM333.713 Mln
KUALA LUMPUR, Nov 26 (Bernama) -- YTL Corp Bhd’s net profit for the first quarter ended Sept 30, 2024 (1Q 2024), decreased to RM333.713 million from RM521.726 million in the same quarter last year.
Revenue, however, rose to RM7.773 billion from RM7.521 billion previously, the group said in a filing with Bursa Malaysia today.
In the construction segment, YTL Corp said the increase in revenue is attributed to an increase in work completed on construction projects secured from external parties, while the increase in net profit is mainly due to better margins.
It said the cement and building materials segment decreased in revenue, mainly due to lower sales volumes and selling prices in the Singapore market.
“Despite the decline in revenue, net profit increased mainly due to ongoing improvements in operational efficiencies and lower production costs,” it said.
In a separate filing, YTL Power International Bhd announced a lower net profit of RM470.598 million for 1Q 2024, as compared to RM847.907 million recorded in the same period last year, while revenue increased to RM5.83 billion from RM5.445 billion.
In the power generation segment, YTL Power said the decrease in revenue and net profit was mainly due to lower pool and retail prices.
For the water and sewerage segment, it said the improvement in the net profit was mainly due to an increase in price as allowed by the regulator in the United Kingdom.
Meanwhile, the higher revenue was contributed primarily from an increase in price as allowed by the regulator in the United Kingdom and revenue contribution from Ranhill Utilities Bhd.
-- BERNAMA